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Working Paper

Issues in Sub-National Borrowing in Nigeria

ADMINISTRATIVE CONTROLS AMOUNT OF LOANS BALANCE OF PAYMENTS BANK LOANS BENEFICIARIES BOND BOND ISSUES BONDS BORROWER CAPACITY BUILDING CAPITAL MARKET CAPITAL MARKETS CASH FLOW CENTRAL BANK CENTRAL GOVERNMENT COMMERCIAL BANKS CONTINGENT LIABILITIES CORPORATE BOND CORPORATE BOND ISSUANCE CREDIT SCHEME CREDIT SCHEMES DEBT DEBT CONTROL DEBT DATA DEBT MANAGEMENT DEBT MANAGEMENT DEPARTMENT DEBT MANAGEMENT FUNCTIONS DEBT MANAGEMENT OFFICE DEBT MANAGEMENT PRACTICE DEBT PORTFOLIO DEBT SERVICE DEBT SERVICING DEBT SERVICING CAPACITY DECENTRALIZATION DEVELOPING COUNTRIES DOMESTIC BANK DOMESTIC BORROWING DOMESTIC DEBT DOMESTIC DEBT MANAGEMENT ECONOMIC GROWTH ECONOMIC POLICIES ECONOMIC POLICY EMERGING MARKET EMERGING MARKET COUNTRIES EXCHANGE COMMISSION EXCHANGE RATE EXPENDITURE EXTERNAL BORROWING EXTERNAL BORROWINGS EXTERNAL DEBT EXTERNAL LOAN EXTERNAL LOANS FARMERS FEDERAL DEBT FEDERAL MINISTRY FEDERAL TRANSFERS FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FISCAL FEDERALISM FISCAL RESPONSIBILITY GOVERNMENT BORROWING GOVERNMENT SPENDING HUMAN DEVELOPMENT INCOME TAX INTEREST RATE ISSUANCE LENDER LOAN LOAN REPAYMENTS LOCAL CURRENCY LOCAL GOVERNMENT LOCAL GOVERNMENT BORROWING LOCAL GOVERNMENTS MACROECONOMIC IMPACT MACROECONOMIC STABILITY MARKET BORROWINGS MARKET DISCIPLINE MEDIUM ENTERPRISES MINISTRY OF FINANCE NATIONAL DEBT NATIONAL DEBT MANAGEMENT NATIONAL ECONOMIC POLICIES NATIONAL GOVERNMENTS PAYMENT ORDER PAYMENT ORDERS PERSONAL INCOME POLICY COORDINATION PORTFOLIO PRIVATE CAPITAL PROVISION OF INFRASTRUCTURE PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC FINANCES REPAYMENT REVENUE ALLOCATION RISK MANAGEMENT SAVINGS SECURITIES SINKING FUND STATE GOVERNMENT STATE GOVERNMENTS STATE GOVERNORS SUB-NATIONAL SUB-NATIONAL BORROWING SUB-NATIONAL DEBT SUB-NATIONAL FINANCE SUB-NATIONAL GOVERNMENT SUB-NATIONAL GOVERNMENTS TAX TAXATION TOTAL EXTERNAL DEBT TRANSPARENCY
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World Bank, Washington, DC
Africa | Nigeria
2015-04-27T20:13:48Z | 2015-04-27T20:13:48Z | 2015-03

Since 1991 the share of sub-national outlays in total government spending has increased, reflecting their active role in service delivery and greater autonomy in policy-making and implementation. As a result, sub-national economic policies have taken on an increasingly important role in ensuring macroeconomic stability. The rising share of sub-national finance, including sub-national Governments (SNGs) debt as a share of general public debt abundantly reflects this trend of greater devolution of spending responsibilities, revenue - raising authority and the capacity to incur debt. The growing importance of SNG finances and the recognition that the trend can pose dangers to macroeconomic stability have informed different institutional responses to the difficulties of decentralized decision-making, especially addressing the need to improve policy coordination across levels of government and contain sub-national borrowing. The purpose of this paper is to articulate some issues in SNG borrowing arising from the peculiarities of the Nigerian situation. To this end, the paper is divided into four parts. Part one gives introduction. Part two outlines the models of control of sub-national borrowing across the developing and emerging market countries. It also highlights Nigeria's efforts in this regard. Part three outlines the structure of fiscal federalism in Nigeria highlighting constitutional, legislative, and administrative provisions for the sector, revenue allocation, revenue - expenditure gap, while part four dwells on the leading issues and challenges in SNG borrowing in Nigeria.

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