THE IMPACT OF FISCAL AND MONETARY POLICY IN CONTROLLING UNEMPLOYMENT IN NIGERIA
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THE IMPACT OF FISCAL AND MONETARY POLICY IN CONTROLLING UNEMPLOYMENT IN NIGERIA
ABSTRACT
This research looks at the role of fiscal and monetary policy in reducing unemployment in Nigeria. The entire population for the study is 200 employees from the National Employment Directorate. The researcher collected data using questionnaires as the instrument. Descriptive This study used a survey research design.
The survey included 133 respondents, who included human resource managers, administrators, senior personnel, and junior staff. The acquired data was organised into tables and analysed using simple percentages and frequencies.
INTRODUCTION
CHAPTER ONE
1.1 Background Of The The Study
Unemployment is a topic that has sparked debate in every corner of the globe. Its impact was felt more strongly during the industrial revolution, when the dimension of manpower absorption shifted to include skill as a basic pre-requisite.
However, governments around the world have been preoccupied over the years with how to answer the unemployment question – similarly, the Nigerian economy was characterised by chronic unemployment, particularly following the civil war, necessitating policy initiatives targeted at lowering it.
Since 1970, several governments have tried various measures to eliminate unemployment, but the outcome has been permanent unemployment, which has resulted in a multitude of social and economic problems such as crime, destitution, prostitution, and corruption.
According to the Index, unemployment in Nigeria has reached frightening proportions. It is even more frightening given that excessive unemployment creates poverty, unhappiness, and threatens social cohesion.
Reduced unemployment has thus become a significant policy objective of the government, with the aid of some international organisations such as the International Labour Organisation.
Furthermore, since the early 1970s, the country’s revenue base has been heavily reliant on the oil sector, which has generated more than 80% of total government revenue. The expansion of resources in the private sector provides an opportunity to launch a large-scale plan.
1.2 STATEMENT OF THE PROBLEM
Examining the time series statistics on unemployment in Nigeria between 1960 and 1980. Nigeria was experiencing an economic boom, which meant that unemployment was unheard of, but today it has gotten so bad that no one wants to accept it.
However, youth unemployment is largely a problem in Nigeria, particularly among secondary school dropouts, who made up 65-3 percent of all working Nigerians in 1986.
When numbers for this group are separated by location, the figure for 1987 is 70-7 percent. With the exception of 1986, urban unemployment was greater in all of the years studied. In 1986, the national unemployment rate was 6.1 percent.
It tells slightly to 5-3 percent in 1986 for the entire year data show that unemployment was higher in the urban region than in the rural area. Today, there is a nationwide high rate of unemployment, particularly among the youth who will be tomorrow’s leaders.
Unemployment appears to be inherent in the national economic system, first because policymakers, whether purposefully or accidentally, do not utilise measures capable of lowering unemployment to an acceptable level. Furthermore, tax revenue collected from businesses and individuals is misused.
Government officials delay spending on personnel emoluments while spending on capital projects is diverted to private pockets.
As a result, the purpose of this research is to determine the impact of federal government spending and the money supply on the unemployment rate. In addition, we plan to thoroughly analyse the extent to which these initiatives have exacerbated or totally alleviated the problem of unemployment.
1.3 OBJECTIVES OF THE STUDY
The study’s goals are as follows:
1. Determine the impact of fiscal and monetary policy on unemployment in Nigeria.
2. Determine the impact of fiscal policy on the Nigerian economy
3. Determine the link between monetary policy and unemployment control.
4. Determine the impact of fiscal policies on unemployment
1.4 RESEARCH HYPOTHESES
The researcher developed the following research hypotheses in order to successfully complete the study:
H0: Fiscal and monetary policies have little effect on reducing unemployment in Nigeria.
H1: Fiscal and monetary policy have an impact on Nigerian unemployment.
H02: Monetary policy and unemployment control have no relationship.
H2: Monetary policy and unemployment management have a link.
1.5 THE SIGNIFICANCE OF THE STUDY
The study will provide a comprehensive picture of the role of fiscal and monetary policy in reducing unemployment in Nigeria. The study will help both the Nigerian government and the researchers who will work on this topic.
1.6 SCOPE AND LIMITATIONS OF THE STUDY
The study’s scope includes the impact of fiscal and monetary policies on unemployment in Nigeria. The researcher comes upon a constraint that limits the scope of the investigation;
a) RESEARCH MATERIAL AVAILABILITY: The researcher’s research material is insufficient, restricting the scope of the investigation.
b) TIME: The study’s time frame does not allow for broader coverage because the researcher must balance other academic activities and examinations with the study.
c) Organisational confidentiality: restricted Access to the chosen auditing firm makes obtaining all necessary and required information about the activity challenging.
1.7 DEFINITION OF TERMS
FISCAL POLICY: Fiscal policy is the use of government revenue collection and expenditure to impact the economy in economics and political science.
MONETARY POLICY: Monetary policy is the process through which a country’s central bank or currency board controls either the cost of very short-term borrowing or the monetary base.
CONTROL: the ability to control or direct the behaviour or course of events of others.
UNEMPLOYMENT: Unemployment is the state of being actively looking for work but not currently employed. The unemployment rate is a measure of the frequency of unemployment and is derived as a percentage by dividing the number of jobless people by the total number of people who are currently in the labour force.
1.8 ORGANISATION OF THE STUDY
This research paper is divided into five chapters for easy comprehension.
The first chapter is concerned with the introduction, which includes the (overview, of the subject), historical backdrop
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