The Monetary & Fiscal Policies in Support of Economic Transformation and Inclusive Growth in Nigeria

Abubakar M. G

1. Department of Economics, Umaru Musa Yar’adua University, Katsina

2. Central Bank of Nigeria, Katsina. Phone: 08032838408 and 08023563415

Central BanEmail: gazayks@yahoo.com and magarzali@cenbank.org
1.1 Abstract

There is a plethora of literature on Monetary/Fiscal Policies - economic development nexus. This has prompted renewed interest in inclusive Growth. This probably explains why governments and policy makers are now tinkering with ways to situate and develop a permanent solution to the widened gap in broad range of financial services which of course are necessary for inclusive growth. Financial inclusion otherwise known as “inclusive growth” can be seen as the delivery of financial services at affordable costs to sections of disadvantaged and low-income segments of society. Due to incessant desire to incorporate disadvantaged segment of the society into financial net, both monetary and fiscal authorities have embarked upon a robust strategy toward addressing the gap. The former (monetary authority) had set out a visible road map necessary for direct effect on savings, investment, rate of interest, pension and general form of financial services. While the later (fiscal authority) have been making a remarkable effort toward achieving sustained economic growth especially in rural areas, this would translate accelerated and friendly society necessary for effective implementation of Financial Inclusion Strategy and thus would stimulate economic development generally, more new jobs would be created, society would also be empowered to generate more wealth and making the economy competitive. Inclusive growth is thus arguably popular with most governments on the global development priorities presently, and Nigeria is not left out of the