Description
Abstract
The cosmos is made of cycles, all things are related to each other and all things are going in seeking equilibrium such as the oil prices. They are strongly related to many things. In a free market environment where competition determines oil price, changes in supply and demand either leads to a shift in demand or supply or an increase or decrease in one of them affects oil price. And the increase in oil price has an output to the Nigerian economy. Many theorists have studied the phenomenon and agrees that when oil price exceeds a certain level, it will strongly affect the economy, and the more sudden and rapid the price increase, the more significant the effect on the economy and the more sudden and rapid the price increase, the more significant the effect on the economy, the study investigated the impact of petroleum price sector, regression analysis approach was used to estimate for three key Nigerian macroeconomic variables, which is consumer, price, index price, an annual data between the period of 1990-2004 were employed, the aggression coefficient result and the hypothesis test using the student T frequency distribution showed that oil price fluctuations have a substantial effect on salaries administration in Kogi State over the period covered by the study.
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