Influence of Public Finance and Economic Development in Nigeria and Cameroon
Keywords:
Public Finance, Economic Development, Government Revenue, GDP Growth, Fiscal PolicyAbstract
The recent economic challenges in both countries, particularly in terms of dwindling oil revenues and rising inflation, especially in Nigeria's oil-dependent economy, highlight the need for effective public finance management. However, the interplay between public finance and economic development has been complex, affecting the human development index, exchange rate, and regional integration. This study investigates the influence of public finance on economic development in Nigeria and Cameroon. It examines the impact of government revenue, government expenditure, policy differences, and inflation rate on GDP growth and unemployment rate. The study adopts a correlational research design. It sampled 395 respondents across Nigeria and Cameroon using stratified random and purposive sampling techniques. Data were obtained using a Public Finance and Economic Development Questionnaire (PFEDQ) and Economic Development and Public Finance Survey (EDPFS). Data were analyzed using simple linear regression to test the hypothesis. Hypothetical analysis and results indicated a statistical connection between public finance and economic development, human development index, unemployment rate, GDP per capita, exchange rate, inflation rate, regional integration, trade openness, and public debt in Nigeria and Cameroon. In conclusion, effective public finance management significantly drove economic development in Nigeria and Cameroon, requiring prudent fiscal policies and institutional strengthening.Downloads
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