THE IMPACT OF GLOBAL FINANCIAL CRISIS ON THE NIGERIAN PUBLIC BUDGET IN CONTEMPORARY SOCIETY

Abstract

The Nigeria budgets in recent time have experience series of challenges and pressure due to the ongoing global financial crisis On the Nigeria budget particularly in our contemporary era. the paper focus on assessment of global financial crisis on Nigeria budget with the aim of reposition the public budget in economy and also to discuss conceptual clarification on thefinancial crisis, budget, fiscal policy and public expenditure .the study adopt Keynesian theory of financial crisis and wagner were used as theoretical framework. The work pointed out that fiscal policy as the only solution to the Global Economic Crisis as advocated by Keynes. The problem is what is the impact of the Global Financial Crisis on the Nigerian Budget, as well as the policy initiatives that can be employed to minimize the impact from the external shocks. The study used descriptive analysis of both the oil revenue and public expenditure. The conclusion is that the Global Economic Crisis does impact negatively on the Nigerian budget, through the response of the Nigerian Oil Revenue from the external shocks and the recommendation is made on how the impact could be of significant and utilize in the budget.