Abstract
This paper examined the policy framework for macroeconomic stability in Nigeria from 1979 to date, observing the coordination of monetary and fiscal policies in Nigeria by looking at the purpose of the broad macroeconomic objectives as well as the key tools of economic management. The paper discusses, among others, the review of major policy framework in Nigeria; issues and performance of the monetary and fiscal policies framework; and the challenges of the monetary and fiscal policies management in Nigeria. The paper concludes that due process and discipline should be honestly restored in governance to avoid unnecessary policy failure while the fight against corruption should be intensified through speedy prosecution of cases in courts to assist in sending the right signals to corrupt government officials.
Highlights
Macroeconomic stability deals with the process of attaining the four major objectives of economic policy
This paper examined the policy framework for macroeconomic stability in Nigeria from 1979 to date, observing the coordination of monetary and fiscal policies in Nigeria by looking at the purpose of the broad macroeconomic objectives as well as the key tools of economic management
The paper concludes that due process and discipline should be honestly restored in governance to avoid unnecessary policy failure while the fight against corruption should be intensified through speedy prosecution of cases in courts to assist in sending the right signals to corrupt government officials
Summary
Macroeconomic stability deals with the process of attaining the four major objectives of economic policy. According to Oluba (2008), monetary policy is a way of managing money in an economy and it involves the modification of the quantity of money by the central bank for the purpose of achieving macroeconomic targets in the four major objectives of the economic policy. To this end, the goal is stable and low inflation among others. Fiscal recklessness in governance can cause inflation that contradicts the monetary policy objective of price stability This has the potentials of destabilizing the macroeconomic environment thereby retarding economic productivity and development (Ezeoha & Uche, 2006).
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