Economic and Financial Review


Central Bank of Nigeria


Government Expenditure, Capital Expenditure, Money Supply, Inflation, Oil Revenue


The main objectives of this paper are to ascertain the amount of the Federal Government expenditures which affected money supply, during the period 1970-80; to examine the movements of government expenditures, money supply and prices within the period 1970-80 and to investigate the empirical relationships between government spending and money supply, and money supply and prices. In order to achieve the above named objectives, the paper is divided into four parts as follows: Part 1 deals with the estimates of government expenditures which affected money supply. Part 2 describes the movements of government expenditures, money supply and prices; Part 3 examines the empirical relationships between the three variables using quarterly and annual data while Part 4 is the summary and conclusions.

Author Bio

The Osakwe is a staff of the Research Department, Central Bank of Nigeria.

Publication Title

CBN Economic and Financial Review





Recommended Citation

Osakwe, J. O. (1983). Government Expenditures, Money Supply and Prices: 1970-80. CBN Economic and Financial Review. 21(2), 4-18.



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