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Sustainability of Public Finance of Rentier States
Abstract
Embedding this discourse on rentier state theory (RST), this chapter discusses the quest for sustainability of the public finance system of Nigeria and Saudi Arabia. The inability of these rentier states to meet their economic, social, and political commitments led to the adoption of value-added tax (VAT) and economic diversification as sustainability strategies. The findings from the macroeconomic data indicated that Nigeria and Saudi Arabia have large markets that provide opportunities for the introduction of VAT. These two countries also have huge deposits of natural resources, including oil, which could be developed for accelerating economic diversification. This chapter validates the appropriateness of VAT and post-rentier economic diversification as sound policies for industrial, services, tax, and tourism development. The findings from this chapter need to be strengthened with a more rigorous empirical investigation. The chapter concludes with far-reaching policy suggestions.
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