Original scientific paper

https://doi.org/10.2478/zireb-2024-0005

Defense Spending and Income Growth in Nigeria

Saheed O. Olayiwola orcid.org/0000-0003-2500-0229 ; Department of Economics, Federal University of Technology, Akure, Nigeria *
Ayodeji O. Oloruntuyi ; Department of Economics, Federal University of Technology, Akure, Nigeria

* Corresponding author.

Abstract

This study considers the effect of defense spending on income growth in Nigeria. The results show that defense spending adversely affects income growth in the short run and the long run. Education spending, health spending, transport and communication service spending, internal security spending and electric power consumption have short-run and long-run growth impacts on income in Nigeria. Also, the armed forces personnel proportion of the labour force impacted positively on income. It was concluded that resource distribution should favour provisions of socio-economic and infrastructural facilities for defense spending. Therefore, the government should allocate its resources to provide socio-economic and infrastructural facilities for sustainable income growth in Nigeria.

Keywords

military spending; armed forces personnel; socio-economic services; income growth

Hrčak ID:

317824

URI

https://hrcak.srce.hr/317824

Publication date:

31.5.2024.

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