Challenges of accountability and development in Nigeria: An auto-regressive distributed lag approach
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Abstract
Description
Purpose
The purpose of this paper is to examine the challenges of accountability and development in
Nigeria. In the literature, corruption is seen as an indicator of a lack of political accountability in
most countries of the world, especially in less developed countries such as Nigeria. The Nigerian
Government has taken several actions to address the problems of bad governance and corruption
that have impeded economic development, but unfortunately these measures have not yielded the
desired results.
Design/methodology/approach
Thus, this study examined accountability and developmental issues in Nigeria using secondary
data and then made use of the auto-regressive distributed lag econometric technique to analyze
the data.
Findings
The results from the study found that a rise in total government expenditure poses a danger of
reducing Nigeria’s economic development in the long run and that control of corruption and
political (the institutional variables) has a direct and significant effect on Nigeria’s economic
development.
Originality/value
Therefore, upon these findings, this paper recommended that for Nigeria to experience
development, corruption should be eliminated, and the Nigerian Government should spend on
viable projects and economic activities that will be beneficial to the populace and the society at
large and hence bring about economic development. Accountability is the hallmark of a prudent
government that ensures efficient management of resources and transparency in the utilization of
funds by the government. The absence of accountability mechanism allows corruption to thrive,
which hinders the developmental process.
Keywords
HG Finance