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Public budget announcement and its implication on stock prices in Nigeria

Lucky Saviour Ozabeme · V. N. Karazin Kharkiv National University · 2025

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Author / responsible party
Lucky Saviour Ozabeme
Publisher
V. N. Karazin Kharkiv National University
Year
2025
ISSN
2310-9513
ISSN
2310-9513
Language
English

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The paper investigates the effect of budget announcements to the stock market of Nigeria using some the key macroeconomic indices such as budget size, fiscal deficit, exchange rate, and monetary policy rate (MPR) and inflation rate. The study is based on annual time series of 2006-2023 with the use of the Ordinary Least Squares regression model to examine the sensitivity of the All-Share Index (ASI) to fiscal and macroeconomic policy exhibits. Findings indicate that the stock market and macroeconomic indicators of Nigeria are highly volatile and are moderately correlated to the size of budget and exchange rate. The article reveals the relevancy of monetary policy as a determinant to the behavior of equity market investors in Nigeria.

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APA 7

Ozabeme, L. S. (2025). Public budget announcement and its implication on stock prices in Nigeria. https://doi.org/10.26565/2310-9513-2025-22-11

MLA

Ozabeme, Lucky Saviour. "Public budget announcement and its implication on stock prices in Nigeria." 2025. https://doi.org/10.26565/2310-9513-2025-22-11.

Chicago

Ozabeme, Lucky Saviour. 2025. "Public budget announcement and its implication on stock prices in Nigeria.". https://doi.org/10.26565/2310-9513-2025-22-11.

Harvard

Ozabeme, L. S. 2025, Public budget announcement and its implication on stock prices in Nigeria, V. N. Karazin Kharkiv National University, available at: https://doi.org/10.26565/2310-9513-2025-22-11 [Accessed 7 Aug. 2026].

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Title
Public budget announcement and its implication on stock prices in Nigeria
Author / contributors
Lucky Saviour Ozabeme
Publisher
V. N. Karazin Kharkiv National University
Publication year
2025
ISSN
2310-9513
ISSN
2310-9513
Language
English

Subjects

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public budget announcements; stock market performance; all share index; fiscal deficit; monetary policy; market efficiency
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