pplicability of Islamic Principles of Finance to avert Economic Recession of a Monoproduct-Cum-Monopsonic Economy
Journal Title: IOSR Journal of Economics and Finance (IOSR-JEF) - Year 2018, Vol 9, Issue 2
Abstract
Due to the claim of unremitted crude-oil income, blames and existence of economic recession in Nigeriathepaper obliged by the instruction given by Allah (SWT) to man to revise (Q 59: 18)in order to sought andsuggestIslamicEconomicSolution to Economic Recession in Nigeria.The paper obtaineddata on Crude-Oil Income and Expenditure of Nigeria from the Nigerian Budgetsof2007to2016 and compared it with international benchmark prices of crude-oilusing Content Analysis of documents obtained, as acceptable by Islam, the Compendium of knowledge, to analyze the Public Resource Management (PRM) of Crude-Oilwith a view to provide solution to economic recession in Nigeria. It is found that forensic test was not needed to know thatExcess Crude-oil Income (ECI) was not accounted for in the assessedbudgets; Expenditure were not attached to income and all Nigerians should be blamed for Economic Recession, among others. It suggests that Federal Government of Nigeria (FGN) should adopt Islamic Principles of Financing (IPF) by making provisions for National Economic Stabilization Account (NESA) in the Nigerian Budgets, quick spending on Productive Ventures: Public Goods, and financing the Private Sector on Interest-Free Basis (IFB) to prevent reoccurrence of Economic Recession and achieve Sustainable Economic Growth and Development of the Nation.
Authors and Affiliations
Abdus-Sami'i Imam ARIKEWUYO, MufutauAyinla ABDUL- YAKEEN
Keywords
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- EP ID EP414557
- DOI 10.9790/5933-0902014351.
- Views 176
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