Centralized Account and Economic Growth in Nigeria

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Authors

Alex Ezeibe, Ph.D ¹; Dr. Madubuike, Kenneth Okoro, Ph.D ²; Ikeh, Matthew Nzubechukwu ³; Ike, Frank Chidiebere ⁴

^{1, 3, & 4} Department of Accounting, Federal Polytechnic Isuochi, Nigeria

² Department of Economics, Evangel University, Akaeze, Nigeria

¹ [email protected], 09035947835, 09028595474

² [email protected], 08037027855

³ [email protected], 08065698319

⁴ [email protected], 08033561052

Abstract

Research Objective: This study seeks to evaluate the Centralized Account on Economic Growth in Nigeria from 2008 to first quarter of 2024 The variables selected for this study are Centralized Account [Independent Variable], Inflation Rate dependent variable]. 

Methodology: An ex-post facto research design was employed in carrying out the research. Secondary data were collected on Centralized Account [Independent Variable], Inflation Rate, dependent variable. Population of the study is the 62 revenue-yielding agencies listed as MDAs that make remittances to Unified Account. The study made use of descriptive approach using [Anova*] which is run on IBM Statistical Package for Social Sciences [SPSS], in determining the effect of the independent variable on the response variable. The sources of data were secondary data, collected from National Bureau of Statistics, CBN quarterly and annual statistical bulletin. 

Findings: Unitary Account have significant effect on Inflation Rate. The implication of this is that CA as an economic policy of the Government has been properly channeled into the economy in such a way that it increased the productive base of the economy. 

Conclusion: The Centralized Account, after its mandatory compliance has significant effect on economic growth in Nigeria. 

Recommendations: To combat inflation, a policy framework should be put in place that Limits discretionary Spending, reduces consumption oriented spending, and shrinks allocation and bail-outs to states. To further temper demand, policymakers should limit the size of the appropriation act.

Key words: Centralized Account (CA); Ministries, departments and agencies (MDAs); Central Bank of Nigeria (CBN).

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