MONETARY & FISCAL POLICIES AS EFFICIENT TOOLS FOR ECONOMIC STABILITY WITH SPECIFIC TO CENTRAL BANKS OF NIGERIA
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This research wok, treated monetary and fiscal policies as efficient tolls for economic stability. This research work was done to examine the monetary and fiscal policies and ascertain how effective they have been in making the poor conditions of the rural area fair, to ascertain why there should be poor unemployment in the economy despite the existence and fiscal policies and to identify the country’s economic problems with a view to offer lasting solution to them. The method for sourcing data used in this research work, was primary and secondary data. Primary data includes: questionnaires comprising statement drawn from research, questionnaires formulated and oral interview while secondary data includes the use of textbooks, journals, internet. Findings and annual reports. The analysis of data was done using numerical and percentage techniques a d tables were also used to test the response. The method used in testing the research questions is the use of statistical method like percentage from the analysis, it revealed that there are major policies which the government and monetary authorities must endeavour to maintain and apply appropriately. Useful recommendations are made based on the findings from the study, that government and monetary authorities should endeavour to mountain and apply these efficient tools. And when policy measures are well implemented, there will be great improvement in the economy of the country.
1.1 BACKGROUND OF THE STUDY:
The need for the monetary and fiscal policies had always existed, though not really recognized in the banking system and in the economy at large. The increase rate of money circulation in the economy, due to the rapid growth of commerce and industry has made the monetary authorities (central Bank of Nigeria) increasingly Interested in making an effort to have money supply and credit conditions controlled, so as to maintain a relative economic stability. And so, the central bank of Nigeria was empowered to carryout the monetary formulation and execution in consultation with the federal ministry of finance. Also, the need to generate revenue for the increase of investment and the pattern of expenditure for the purpose of influencing economic activities glares for the formulation of fiscal policy. The economy has also witnessed a lot of economic depression, especially the great depression of 1930. as they continued having an unbalanced budget or the budget adding to the cyclical fluctuations, there was the need for these economic ills to be corrected and the fiscal policy succeeded in correcting these ills of the economy. The fact was further influenced by the emergence of growth and stability concept. In other words, if any economy remains in equilibrium with resources only partially employed, something must be done to unemployment. Therefore, to increase this level, employment could be done in two ways: it could be either directly tackling the problem by employing more workers or directly tackling it by offering inducement to produce or to increase instrument. Indeed, the monetary and fiscal policies direct the total repentance on the economy. Their effectiveness as stabilization or efficient tools remains an unsettled issue among economists. They have been the efficient tools of economic stability. According to John Orji in his book titled “Element of banking” he listed measures to be applied in using fiscal policy to solve economic problems or make the economy stable as thus:
1. Fiscal policy and Recession: When aggregate demand for goods and services, the level of employment and prices are generally low, the economy is said to be faced with recession.
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