- 15 Marks
Question
State and explain FIVE macroeconomic objectives of the Federal Government of Nigeria.
Answer
- Economic Growth: Aiming for steady and sustainable growth in Gross Domestic Product (GDP) to improve the overall standard of living and increase employment opportunities within the country.
- Price Stability: Ensuring a stable inflation rate to maintain purchasing power and protect the economy from the adverse effects of excessive inflation or deflation, which can disrupt economic stability.
- Full Employment: Striving to achieve a low level of unemployment to increase productivity and reduce poverty, thereby promoting economic stability and enhancing social welfare.
- External Balance: Maintaining a favorable balance of payments by encouraging exports and managing imports to prevent excessive trade deficits, which can deplete foreign reserves and affect currency stability.
- Equitable Distribution of Income: Working to reduce income inequality through progressive taxation and social welfare programs, fostering economic justice and cohesion across various income groups.
- Topic: Fiscal Policy and Public Finance
- Series: MAY 2017
- Uploader: Theophilus