PUBLIC FINANCE

Goal: To expose the student to the fundamentals of public finance and the working machinery of Nigerian Economic System so as to be able to analyse the Nigerian Monetary and fiscal policy in terms of revenue generation and resource allocation.

GENERAL OBJECTIVES:

On completion of this course the student should be able to:

1.0 Understand the fundamental of public finance.

2.0 Know the mechanics of monetary and fiscal policies and interest rates.

3.0 Know Federal Government Sources of revenue.

4.0 Understand the major Federal, State and Local Government expenditure.

5.0 Understand Government budgeting system.

6.0 Understand National/personal income, expenditure and deductions.

7.0 Understand Nigerian tax structure.

8.0 Appreciate National and State development plans in Nigeria.

9.0 Understand Debt management strategies.

1.1 Define Public Finance.

1.2 Explain revenue and expenditure patterns.

1.3 Explain Fiscal policies and programmes.

- Explain in single terms the meaning of public finance.

- Explain historical evolution of Public Finance.

- Distinguish revenue and expenditure pattern of the three tiers of government.

- Explain various government fiscal policy programmes. (monetary/economic and tax policies).

2.1 Define monetary and fiscal policies and the different objectives.

2.2 Explain the effects of monetary and fiscal policies on the economy.

2.3 Identify the role of interest rates as an economic recovery measure.

2.4 Explain the effect of interest rates and other measures on economic policies.

- Explain the difference between fiscal policy and monetary policy and the objectives aimed to achieve.

- Describe the effect of monetary and fiscal policies on the economy with examples.

- Explain the role of interest rates on the economic recovery and policies.

3.1 Explain receipts and expenditure.

3.2 State the various sources of funds to the Federal Government.

3.3 Identify the major sources of States and Local Government Revenue.

3.4 Explain the terms surplus and deficit as they relate to government receipts and expenditure.

- Differentiate between various receipts and expenditure.

- Explain various sources of funds/revenue for the Federal, State and Local Government.

- Explain surplus and deficit in relation to government receipts and expenditure.

4.1 Define the three tiers of Government.

4.2 Identify the nature and purpose of Government expenditure programmes.

4.3 Explain the importance of these programmes.

4.4 State the economic effects of these programmes on Nigerians.

- Describe with emphasis the purpose of government expenditure programmes, and their importance.

- Explain the economic effect of government expenditure programmes.

5.1 Define budgets, and budgeting systems.

5.2 State types of budgets.

5.3 Explain budgeting control process.

5.4 Explain the impact of government budgeting, taxing and spending on the economy.

5.5 State Government budgeting limitations.

- Explain the differences between budget, and budgeting.

- Demonstrate comparative analysis of current and previous budget, actual and budgeting.

- Describe government limitations in budgeting and spending.

- Causes of non -implementation of budget should be identified.

6.1 Define national Income and Personal-Income.

6.2 Explain what constitutes a personal income and deductions.

6.3 Distinguish between national and personal incomes.

6.4 State the effects of deductions on personal incomes.

- Describe the difference between national and personal income.

- Personal allowances and reliefs should be explained.

- Compute National Income.

7.1 Define taxes and rates.

7.2 Describe the Nigerian tax environment.

7.3 Compare the Nigerian Tax systems with those of other countries.

7.4 Explain the Nigerian tax system and structure.

7.5 State the economic effects of Nigerian tax systems on the economy.

7.6 Identify some defects/flaws in the Nigerian tax system.

- Explain the terminology tax and/tax-rate.

- Describe the Nigerian tax system and its affect on the economy.

8.1 Define development plans.

8.2 Enumerate some national and state development plans.

8.3 Identify some defects in Nigerian development plans.

8.4 Evaluate the harmonization of the development programmes and budget by the Federal Government.

 Define development plans.

- Analyze previous Governments’ development plans.

Assess various development programmes and budgets of the Federal Government.

9.1 Define debts and debt management.

9.2 Define public debt.

9.3 Explain the types and classification of debts (domestic and international debts).

9.4 Describe the growth of public debt in Nigeria and some other African Countries.

9.5 Explain strategies for debt management.

9.6 Explain the effect of bad debt management on the Nigerian economy.

9.7 Explain measures for minimizing or reducing the national debt.

9.8 Evaluate the management of debt in Nigeria.

- Explain the meaning, types and classification of public debt.

- Distinguish between domestic and international debt and how they are sourced and serviced.

- Explain the implication of the growth of public debt on the economy in both short and long run.

- Explain in detail the trend of Nigeria’s debt financing and its impact on the economy.

- Analyze current issues on public debt sources and management. (Nigerian & Newshoring Countries).

- Explain the role of creditors’ organization.