THE EFFICIENCY AND EFFECTIVENESS OF GOVERNMENT AGENCIES IN THE IMPLEMENTATION OF FISCAL AND MONETARY POLICIES MEASURES

CHAPTER ONE

INTRODUCTION

1.0   BACKGROUND OF THE STUDY

        Countries all over the world have organized agencies established in order to monitor and ensure stability in the economy.  These agencies are provided with the necessary facilities with which to achieve this laudable objective. Their ability to achieve their desired goal depends on the level of development in that country.  Record shows that the so called developed countries of the world have been able to achieve about 70% of the Macro economic objectives of full employment, price stability, favourable balance of payment among others.  This is because their agencies have succeeded in implementing their economic policy measures efficiently and effectively.  The developing nations where Nigeria belongs are still below 50% in the actualization of the aforementioned objectives while the underdeveloped countries are still winking in the dark.

        In Nigeria, the Central Bank of Nigeria, State Board of Internal Revenue, Nigeria customs Service and others are the agencies instituted to implement the policy measures for the attainment of macro economic objectives. These agencies have not totally succeeded in implementing the policy measures in the interest of the populace.  This is attributable to the country’s state of development which affects the functioning of these agencies.

        The Central Bank of Nigeria is at the forefront of the policy formulation. She assesses the economy with a view of identifying the economic problems. These problems are communicated to the Minister of Finance who in collaboration with the Apex bank determines how to resolve the identified problem.  The fiscal policies are administered by the ministry of finance and when formulated are not just