While it usually refers to the coining of currency or the printing of banknotes by central banks, it may also take the form of a promissory currency. The monetization policy and organizational citizenship. Flare gas is available at a price the successful investors have bid, for use as fuel andor feedstock in proven gas utilization technologies. The overall policy objective is the promotion of an enabling institutional, legal, regulatory, technological, and infrastructural environment for the sustainable development of outsourcing business in nigeria. The overriding reason being the realization of the fact that there has been a near total collapse of the institution of governance leading to the institutionalization of corruption, the cost of governance has risen steadily over the years due essentially to large outlays of benefits inkind to. The economic implications of monetization policy in nigeria. The question now is, can we afford the monetization policy. The role of exchange rate and monetary policy in the monetary approach to the balance of payments. Gas monetization archives africas premier report on the. Different development concepts and solutions for the effective exploitation and utilization of this abundant natural gas reserve of which some of this gas reserves are termed stranded. It is necessary to evaluate the effect of monetization policy on. The law prescribes the salaries allowances and fringe benefits of certain political, public and judicial office holders mobolaji. Effects of the monetisation policy on employee performance in the.
The monetization of natural gas resources is fueling the emphasis on the nigeria gas sector. Monetization policy means converting into cash, the fringe benefits being enjoyed by civil servants. Jel e31, e37 t he rate of inflation in nigeria has increased steadily and. The monetization policy of obasanjo regime which was borrowed from the united states primarily to curb excesses and save money for solid development purposes, noted for cutting unnecessary and unproductive spending by the political office holders and top echelon of the civil servant as well as reducing the burden of providing basic amenities for political office holders have contributed significantly to the continued increase in government recurrent expenditure. Effects of the monetisation policy on employee performance in. Monetization policy in nigerian public service academe research. Dec 01, 2010 research highlights nigeria s gas sector has proven to have the potential of been a key player in the emergent global natural gas market. It is expected that the reform program will minimize the massive waste, misuse, abuse and fraud that characterized the provision of fringe benefits to the public servants.
Thirdly, to ascertain the objective federal government intends to achieve with the monetization policy and lastly, to ascertain the gain nigeria as a. The monetization policy though of recent origin in nigeria has attracted a lot of accolades as well as condemnations from writers and commentators. Monetization in the nigerian public service african. The macroeconomic impact of monetization on the nigerian. The monetisation policy, a policy that was meant to solve problems, has now created more problems for the country. Nigeria is the largest producer and exporter of petroleum oil a major source of foreign exchange in africa, about sixth in the world. Home nigerian gas flare commercialization programme. The article interrogates the effects of the monetisation of fringe benefits policy the monetisation policy of the obasanjo administration 20032007. Feb, 2018 also, monetization of nigerian politics exposes the country to foreign manipulation through stringedsupports from rich foreigners. An appraisal of monetization policy under president. The long run effects of monetization on the nigerian economy. Mulak is in a unique position to exploit the synergies with mantracs business in nigeria through the conversion of mantracs existing customer base of approximately 400mw of dieselfuelled generators to cngfuelled generators, accugas says in a release. The main feature of the monetisation policy is that individual pay cheques would henceforth comprise monetised fringe benefits such.
Monetization policy which is also referred to as monetization of fringe benefits is a newapproach to the remuneration of public officers in nigeria which was given effect through thepassage of certain political and judicial office holders. Economics and profitability of new and existing industrial gas. Saka 2011, describes monetization as a monetary policy which means that benefits being enjoyed by public servants would be paid enbloc just as bakare 2011, opines that monetization is an approach to the remuneration of public officers in nigeria so that benefits which where formerly paid in. That monetisation of fringe benefits in the nigerian.
Monetisation policy and jumbo salaries of legislators punch. Projeteffect of monetization policy on the morale of. The bankruptcy in ideology and vision has reduced party politics to a bread and butter game where monetization of political process is the bedrock of loyalty and support. A study of the nigeria labour congress, ebonyi state branch 20072014. The model provides a complete analysis of how output equation using generalized moments method gmm variations affect aggregate consumption expenditure, investment, capital stock, labor, job cuts. Projeteffect of monetization policy on the morale of nigeria. Monetization also spelled monetisation is broadly speaking, the process of converting something into money. Sanusi, governor, central bank of nigeria honourable minister of finance, economic adviser to the president, deputy governors, central bank of nigeria, directorgeneral, ncema, president, nigeria n economic society. Reform of 1999 2007 motivated nigeria federal staff.
The civil service reforms under president obasanjo include the monetization policy 2003, servicom, due process mechanism 2005, procurement unit 2001 pension scheme 2004 and national health insurance scheme 2005. Monetisation policy and jumbo salaries of legislators. It has often been argued that nigeria does not lack laudable objectives. Monetization of fringe benefits as part of public service reforms in nigeria a cost benefit analysis angbas, jonathan avre abstract nigeria currently prides itself as a country undergoing reforms especially, in the public sector.
The nigerian public servants have expressed doubt as to the governments sincerity in carrying out the implementation of the monetization policy to a logical conclusion. Solving the challenges in the domestic gas value chain. A policy on the monetization of benefits of public. Nov 18, 2011 according to mimiko 2003 monetization of fringe benefits is a precipitate of government concern with the continuedescalation of cost of running the machinery of government as a result of the huge bureaucracywith which the economy is delivered. The monetization policy of federal government of nigeria and its. Acts 2002 which provided the reference point for monetization of the salaries and allowances of all categories of federal public servants stipulated that the fringe benefits which were formally paid in kinds be converted to cash by the salary and wage commission. Request pdf the monetization policy of federal government of nigeria and its implication since the attainment of political independence in 1960, there has been a persistent decline in.
It also serves to inform the policies of the nigerian government and recommends reconsidering the use of tax breaks to stimulate foreign investment, and to ensure that foreign companies paying their fair share of taxes in nigeria. Pdf challenges of policy implementation in nigeria. Ekaette, 2003, chukwu, 2006, eke, 2007, bakare, 2011, and a host of others agree that the monetization policy sought to. He argues that cash payment for benefits will act as incentive to. Veugelers 1 986 forward exchange rates in efficient markets. Government, monetization, policy, fringe benefits, public service, public. The impact of budget deficit on economic growth of nigeria pdf. The third examined the evolution of monetization of fringe benefits in nigeria.
Monetization, recurrent expenditure, capital expenditure, output, salary and fringe benefits. The study was conducted in the federal civil service secretariat in owerri, imo state, nigeria. Budget deficit is an expansionary policy measure adopted when the economic growth of a country assume negative value but has become a norm in nigeria, download the full project work with reference and abstract. The reform trends of obasanjo administration was specifically guided by the. The purpose of this paper is to examine the role of private sector participation in sustainable tourism development in cross river state. Joint undpworld bank energy sector management assista nce programme esmap strategic gas plan for nigeria february 2004. The paper will examine the impact of the contributory pension reforms, monetization, servicom and remuneration on motivation. In addition, the study covers the roles of monetization policy, its components, functions, objectives as well as how it affects civil servants. Journal of economics and sustainable development, vol.
Since military disengaged from political power in may 1999, the pdp has dominated governance in nigeria. Fakiyesi 1996 investigated the major determinants of inflation in nigeria, using annual data from 1960 to 1994 and ordinary least squares ols econometric method to analyse the data. The role of private sector participation in sustainable. Without evaluation of wisdom in electing public officers, monetization of nigerian politics will continue to deny nigerians of good leadership. The purpose of this study is to examine the effect of monetization policy implementation on workers in nigerian public service. In banking, the term refers to the process of converting or establishing something into legal tender. Nigeria has been proven to have the worlds ninth largest gas reserves, at 187 trillion cubic feet.
Monetization policy which is also referred to as monetization of fringe benefits is a new approach to the remuneration of public officers in nigeria. It has laudable and lofty set goals for both the government and its primary audience, public servants. The policy makers believed that the scheme will encourage private initiatives and facilitate creativity and motivation and most importantly, improve the service of quality delivery, promote patriotism and efficiency among civil servants. The monetization policy of federal government of nigeria and. The work examines effect of monetization policy on the morale of nigeria workers with a view to explore the federal ministry of works, lagos. The fourth identified the components of monetization policy. The paper adopted theoretical model that hinged on input. Sanusi, governor, central bank of nigeria honourable minister of finance, economic adviser to the president, deputy governors, central bank of nigeria, directorgeneral, ncema. Assessment of the integrity vienna international centre, p. Excuses for flaring and venting include the costs of gathering, processing and treating gas, and the lack of infrastructure and access to. The role of political partiess in democratic governance. This paper will adopt abraham maslow hierarchy of needs as a theoretical framework. The problem with nigeria is in the area of implementation of its programmes. Impact of budget deficit on economic growth of nigeria.
In line with the cardinal principles of its monetization policy, the federal government of nigeria fgn, through the fec, mandated the fcta to implement the immediate sale of all residential facilities hitherto owned by the fgn and all its ministries, departments and agencies in abuja, fct and designated as nonessential. Request pdf the monetization policy of federal government of nigeria and its implication since the attainment of political independence in 1960, there has. The ngp succinctly emphasize the roadmap for the gas sector, its goals, strategies and an implementation plan for the introduction of an appropriate institutional, regulatory and. Ekaette, 2003, chukwu, 2006, eke, 2007, bakare, 2011, and a host of others agree that the monetization policy sought to minimize waste, misuse and abuse.
A comparative analysis of inflation dynamics models in nigeria. Apr 18, 2008 nigerias national domestic gas supply and pricing policy section. It was found that concur rent fiscal and monetary policies had a major influence on the impact of the depreciation of the naira on inflation. There is skepticism that the implementation of the policy of monetization will not differ much from earlier policies that have failed in the process of implementation. Using annual timeseries data, spanning 19601977, they tested hypothesis that the rate of inflation in nigeria is linearly related to the rate growth of money stock, government expenditure, especially monetization of foreign exchange form oil exports. Thus, the paper argues that there are various controversies surrounding the 19992007 reforms in nigeria. How shell, total and eni benefit from tax breaks in nigerias.
Nigeria currently prides itself as a country undergoing reforms especially, in the public sector. Institutional reforms and the management of exchange rate policy in nigeria by kassey odubogun, research paper 36. Others are public service procurement and due process, wages and salaries adjustment and awards public service rules 2010. Actualization of the goals of the needs policy of federal. The ngfcp is a marketdriven mechanism and follows a transparent and competitive procurement process designed to attract competent third party investors from across the world. This paper investigated the economic implications of the monetization policy using nigeria data.
Research highlights nigeria s gas sector has proven to have the potential of been a key player in the emergent global natural gas market. The effect of monetization on federal civil servants in. This article is anchored in social exchange theory. Sadly, monetization policy in nigeria is elitist both in conception and implementation. Apr 08, 2015 even in nigeria, some organizations such as the central bank of nigeria cbn, nigerian telecommunication limited nitel, federal mortgage bank of nigeria fmbn, the nigeria national petroleum corporation nnpc and most private sector organisations have adopted it with positive results. Therefore, it is obvious that public personnel management has undergone several. The perspective and challenges fayomi, ikeoluwapo omolara department of public administration, faculty of administration, obafemi awolowo university, ileife, nigeria. That monetisation of fringe benefits in the nigerian public. Monetization policy which is also referred to as monetization of fringe benefits is an. Federal capital territory administration nigeria world. The monetization policy of federal government of nigeria. Acts 2002 which provided the reference point for monetization of the salaries and allowances of all categories of federal public. The macroeconomic impact of monetization on the nigerian economy. Nigerias national domestic gas supply and pricing policy.
It is against this backdrop that the study seeks to investigate fiscal dominance and monetary policy in nigeria. Dpr presentation to dgso stakeholders forum 02 nov. How shell, total and eni benefit from tax breaks in. Secondly, to identify the effect of dictatorial rule had on the functioning of workers in nigeria. Request pdf the monetization policy of federal government of nigeria and its implication since the attainment of political independence in. The monetization policy introduced to the nigerian public service in 2003. Against this backdrop, the thrust of this study is to unveil the environmental factors that impact on industrial relations practice in ebonyi state. The monetization policy introduced to the nigerian public service in 2003 became the major landmark and the most dramatic departure from the past administrative reforms in nigeria since independence in 1960. May 05, 2000 suit nigeria s situation to analyze the longrun effect of monetization policy on the nigerian economy. Other important factors are the deval uation of the naira and agroclimatic conditions. These will equally be used as an assessment indicator. A study in institutional adaptation and culturalization of a colonial society in.
647 905 904 1223 1431 981 1682 391 1009 274 705 1473 168 1704 267 1355 1209 854 85 1595 1504 834 1171 108 368 955