Lastly there is need for government to fight

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vigorously to achieve a minimum and tolerable rate of inflation. Lastly, there is need for government to fight corruption passionately and tackle security challenge with every sense of commitment, seriousness and political will, as the last year’s economic grow th at lag 3 showed a negative coefficient (- 0.597853) which implies that last year’s excess income realized has not been properly reinvested. Hence, a poor state of social infrastructures that have been identified to be germane for an enabling environment required for further investment. This could be attributed to alleged massive looting of public fund, capital flight, money laundry etc. References [1] Abdullahi, H. (2009). Monetary Economics : Theory, policy and the millennium global financial crisis: A Guide to Tertiary Institutions in Nigeria (1 st ed.). Halygraph Nig. Ltd. Minna and Kaduna, [2] Abiola, A. K. , Joseph, U. N. & Bright, O. O. (2012). Impact of Inflation on Monetary Policy and Economic Development in Nigeria: Evidence from Empirical Data. Asia Journal of Empirical Research, 2(2), 28-39 , [3] Aderinto, A. , & Abdullahi, S. H. (1988). Comprehensive certificate economics for senior secondary schools, (2 nd ed.) . University Press Plc, Ibadan. [4] Adesoye, A. B. (2012). Price, money and output in Nigeria: A co integration-causality analysis. African Journal of Scientific Research, 8(1), 428-442. [5] Adeyeye, P. O. , & Fajemibola, O. D. (2006). An Empirical Study of Interest Rate Policy on Economic Growth in Nigeria (1970- 2007). Business and Finance Herald 2(1), 225-251 [6] Ahmed, E. A. & Suleiman, Z. S. (2011). Long-run relationship between money supply, real GDP and price level: Empirical evidence from Sudan. Journal of Business Studies Quarterly, 2(2), 68-79, [7] Amassona, D. , Nwosa, P. I. & Olaiya, S. A. (2011). An appraisal of monetary policy and its effect on macroeconomic stabilization in Nigeria. Journal of Emerging Trends in Economics and Management Sciences (JETEMS), 2(3), 232-237 [8] Aminu, U. & Amono, A. Z. (2012). Effect of inflation on the growth and development of Nigerian economy: Empirical analysis. International Journal of Business and Social Science, 3(10): 183-191 [9] Andy, C. E. (2001). Essential Economics (1 st ed.). Tunad Publication Ltd, Lagos. [10] Anyaele, J. U. (2003). Comprehensive economics for senior secondary schools (3 rd ed.). A. Johnson Publishers Ltd, Lagos, Nigeria. [11] C.B.N. , (2003). Annual Reports and Statement of Accounts for 31 st , December 2003. Retrieved from http://www.cenbank.org/MacroIndicatorsFinal.asp on 17 th Aug, 2014. [12] Chinwuba, O. , Akhor, S. O. , & Akwaden, S. T. (2015). Monetary policy innovations and growth rate of output in Nigeria. International Journal of Economics and Business Management, 1(4), 1-15, [13] Christian, R. K. Adedapo, A. , and William, O. (2010). An estimate of inflation threshold in the West Africa monetary zone (WAMZ): The Case of Ghana and Nigeria. Journal of Monetary and Economic Integration, 11(2), 159-201 . [14] Dornbusch, R., Fisher, S. and Kearny, C. (1996). Macroeconomics theory . The Mc- Graw-Hill Companies, Inc., Sydney. [15] Hameed, G., Khalid, M. & Sabit, R. (2012). “Linkage Between Monetary I nstruments and Economic Growth. Universal Journal of Management and Social Sciences, Preston University Islamabad, 2(5), 69-76.
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