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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 government’s revenue from all sources rose from N32, 223.5 million in 1991 to N63, 564.8 million in 1992. The government’s 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 Government’s 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
International Monetary Fund:The International Monetary Fund was established in 1945 to promote the health of the world economy with 29 countries sigining the Articles of Agreement. Nigeria joined the IMF in 1961,which now has 184 members with its headquarters in Washington D.C., USA.
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