Macroeconomics of Minimum Wage Draft: Do not quote MACROECONOMIC EFFECTS OF MINIMUM WAGE IN NIGERIA: A GENERAL EQUILIBRIUM ANALYSIS Abiodun O. Folawewo* Abstract This paper examines the macroeconomic effects of minimum wage (MW) policy in Nigeria using a static computable general equilibrium. Data for the study is drawn from year 2005 National Account of the country. The data is used to construct a 22 x 22 social accounting matrix (SAM) for the economy. The calibration exercise shows that the
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CHAPTER1 INTRODUCTION: The question of an acceptable formula for revenue sharing among the component tiers of the Nigerian nation is one of the most protracted and controversial debates in the political and macroeconomic management of the economy. This debate has its foundations in the history and evolution of the Nigerian federation. “Revenue allocation or the statutory distribution of revenue from the Federation Account among the different levels of government has been one of the most contentious
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Home ALLOCATION OF REVENUE (FEDERATION ACCOUNT‚ ETC.) ACT ARRANGEMENT OF SECTIONS SECTION 1. Distribution of the Federation Accounts‚ etc. 1 Formula for distribution between the Federal and State Governments. 1 Formula for distribution between Local Government Councils. 1 Proportion of revenue to be paid by each State to Joint Local Government Account. 1 Allocations under special Funds. 1 Establishment of Federation Account Allocation Committee and functions. 1 Establishment of Joint
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REVENUE ALLOCATION FORMULA IN NIGERIA INTRODUCTION Prior to the discovery of oil in Nigeria‚ other sectors of the economy thrived. Agriculture‚ for instance‚ was a major source of revenue for the Western Region. The Eastern Region that was less endowed devised other sources of revenue. All this has however changed since the discovery of oil in the country. This has led to the demise of the other productive sectors of the economy. In fact‚ Nigerians are poorer today than they were in the pre-oil boom
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INTRODUCTION One of the perennial problems which has not only defied all past attempts at permanent solution‚ but also has a tendency for evoking high emotions on the part of all concerned (each time it is brought forth for discussion or analysis) is the issue of equitable revenue allocation in Nigeria. It is an issue which has been politicised by successive administrations in Nigeria both Military and civilian regimes. Indeed‚ in virtually all federations in which the constitution shares power
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CHAPTER ONE 1.0 INTRODUCTION Federalism as it were‚ originated during the colonial epoch beginning with the amalgamation of the Northern and Southern Protectorates in 1914. It was introduced into Nigeria precisely by the 1946 Richardson constitution. The constitution introduced regionalism into Nigeria for the first time‚ establishing regional assemblies in addition to the already existing central legislature. However‚ the regional houses remained only as deliberative and advisory bodies having
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Fiscal federalism is essentially about multilevel government structure‚ rather than within a level structure of government‚ for the performance of government functions and service delivery to the people. Each level of government can be viewed as an institution with definite functions to perform (Rivlin‚ 1991). The conventional wisdom in economics is that all functions allocated to government should be those that the market is not able to perform in the efficient allocation of resources
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Revenue means income. Allocation means to divide. Revenue allocation is defined as the division of available resources within an organisation or company. At a broader level‚ it is the process of assigning a cost to the amount of services and products generated. Government revenue is obtained from taxes‚ licenses and fees and allocated to public facilities. Because of the current revenue allocation formula in Nigeria‚ though there is a great deal of wealth in the country from the oil industry‚ 64%
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Introduction Nigeria is Africa’s leading producer of oil and the seventh largest producer of crude oil in the world‚ and equally endowed with other numerous natural resources. But rather than utilizing its resources for maximum development‚ the country is unfortunately bedevilled with how to efficiently and effectively distribute oil revenues in an equitable manner. The revenue allocation phenomenon in Nigeria is basically the issue of distribution of national (resources) revenue‚ mobilized by the
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Top-up Degrees (Entry to year 3 – UK Universities) Acceptance to a university programme is at the discretion of the individual university Top-up degrees are of one year duration‚ entering onto the final year of the full time undergraduate BA / BSc Honours degrees. Students who have an HND (Higher National Diploma) may progress onto the final year of a degree programme‚ subject to unit grade performance at HND‚ and English language capability (usually IELTS 6.0) The following universities
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