Public/private sector, micro-financing, economic and financial management: Nigerian perspective
Keywords:
Public/private sector, micro-financing, economic management, financial management, government debt, expenditure and revenue, Nigerian economic growth.Abstract
This study examined the relationship between public/private sector, micro-financing, economic and financial management in Nigeria. The study covers the period from 1981 to 2023. The secondary data collected for the study were presented in the table and graphs. A multiple linear regression method was adopted to test the research hypotheses. An ex-post facto research design was adopted in the study. The discoveries were that in the private sector, credit to private sector (CTPS) including micro-financing has contributed significantly to the economic growth (GDP). This implies that in the private sector, there is an effective and efficient financial management in Nigeria within the period covered in this study. Also, in the public sector, there was no significant relationship between federal government revenue, federal government expenditure, domestic debt outstanding, external debt outstanding, and economic growth in Nigeria. This implies misappropriation and poor economic and financial management in the public sector of the Nigerian economy. It was concluded that expenditure, domestic and external debts incurred by the Nigerian government, misappropriation of public funds by the leaders due to corruption have hampered effective and efficient economic and financial management in the public sector. However, it was recommended that there is need for effective and efficient management of economic and financial resources by the government in the public sector of Nigerian economy. Also, there is need for the implementation of anti-corruption policy aimed at promoting transparency in the financial management of public funds in Nigeria among others.
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