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The Conduct of Fiscal Policy

Fiscal Policy 1992
The thrust of the 1992 budget was to consolidate the gains of the economic restructuring programme aimed at promoting greater efficiency, productivity and increased employment.

The federal governmentís revenue from all sources rose from N32, 223.5 million in 1991 to N63, 564.8 million in 1992. The governmentís total expenditure rose by N40, 192 million or 59.5 per cent from N67, 529.7 million in 1991 to N107, 723.3 million in 1992. The expenditure exceeded the budget provision by N55, 687.3 million or 107.1 per cent. Overall, the Governmentís fiscal operation resulted in a deficit of N44, 158.5 million, an increase of N8, 402.6 million or 23.5 per cent over 1991 and against the projected surplus of N2, 100.0 million in fiscal 1992.

Facts : 1/1/1900
BOFIA:In 1991, the Bank s and Other Financial Institutions Act (BOFIA) formerly BOFI was promulgated to replace the CBN Act of 1958 and the Banking Decree of 1969 (including later amendments). The policy brought the non-bank financial intermediaries under the supervision of Central Bank of Nigeria.
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