Abstract
The study estimated trend equations for budgetary expenditure on Nigeria agricultural sector between 1977 and 2004. Secondary data in the form of budgetary expenditure records were obtained from various publications of Central Bank of Nigeria (CBN) and Federal of Statistics (FOS). Results from the fitted trend equations showed that budgetary expenditures on agriculture were generally low and insignificant (p>0.05). Annual compound growth rate of expenditure on the sector was also low (1.02%) and fluctuating for the entire period under review. Furthermore, the fitted quadratic equations in time variable showed the absence of either significant acceleration or deceleration in expenditure growth on agriculture. This, therefore, confirms that expenditure growth on agriculture had been stagnant, suggesting a case of financial neglect of the sector. Based on these findings, the study recommends deliberate efforts by Government to increase funds to agriculture in order to boost self-sufficiency in food production and reduce poverty in Nigeria. Key words: Trends, budgets, agriculture, expenditure, Nigeria.
Highlights
Government pronouncements over the years have indicated that the agricultural sector occupies a priority position in national development programmes
The estimated trend equations for budgetary expenditure on the agricultural sector are presented in Table 1 for the three periods under review
The coefficient of the time trend (b) is positive and statistically non-significant across the three periods. This implies that government budgetary expenditure on agriculture remained the same during the pre-reform period, reform period as well as the entire period
Summary
Government pronouncements over the years have indicated that the agricultural sector occupies a priority position in national development programmes. The large number of agricultural institutions such as the Agricultural Development Projects, River Basin. As well as the series of government campaigns and slogans directed at the sector in recent years may be cited as evidence of government’s concern for the development of the sector. Campaigns and slogans, farm production has failed to keep pace with food demands (Obadan, 1998; NISER, 2003). The successive development plans of countries find expression in the annual budgets, which make financial provisions for public investments in enterprise and infrastructure. The budget speech at the beginning of each year attracts considerable political attention in developing countries where peoples’
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