Budget Evaluation against Fiscal Rules: The Case of Nigeria Using a Fiscal Rascality Index™

Abstract

This study investigated if Nigeria’s economic managers’ complied with expenditure budgeting and disclosure laws as contained in the Fiscal Responsibility Act. For the purpose of this analysis, an index of fiscal rascality was used to establish evidence of adherence (or non-adherence) of Nigeria’s national budgets to constituted fiscal rules. The result revealed that there existed unabated appetites for perennial budgeting rascality in Nigeria. The findings however show that democracy in Nigeria is yet to respect the rule of law as it concerns managing Nigeria’s economy through fiscal rules. Consequently, it recommended that the legislative arm of government must enforce its powers by duly recommending economic managers who flout fiscal rules for prosecution as prescribed by the Fiscal Responsibility Act.