Effect Of Federal Collected Tax Revenue On Economic Development Of Nigeria: 2005-2017

OKOROUGHO UCHE SAMUEL | 61 pages (14368 words) | Projects

ABSTRACT

This research geared towards examining the effect of federally collected tax revenue which consist of Company Income Tax (CIT), Petroleum Profit Tax (PPT), Value Added Tax (VAT) and Excise Duties (CED) on Gross Domestic Product (GDP) and Per Capita Income (PCI). Specifically, the study analyzed the effect of federal collected tax revenue on gross domestic product and also tried to ascertain the effect of federal collected tax revenue on per capita income. Ex-post facto research design was adopted and time series data covering the period of 2005 — 2017 were collected from CBN statistical Bulletin and Federal Inland Revenue Service. Autoregressive Distributed Lag Model (ARDL)/Bounds testing to co-integration and OLS were used to analyze the data. From the study, it was revealed that there is signicant effect of federally collected tax revenue on both economic growth and per capita income during the period under review and spec/Ically, CIT and VAT have high impact on the economy. The study therefore recommends that government should encourage entrepreneurial development as the analysis shows that company income tax increase gross domestic product which would reduce the rate of unemployment in Nigeria and over dependency on government for paid jobs as this will increase government revenue, also, the economy of Nigeria should be restructured for taxation to play a major source of non-oil revenue and finally, government should without hesitation strengthened the administrative mechanism of government taxation in order to harnesses adequately revenue from Company Income Tax (CIT) Value Added Tax (VAT) Custom and Excise Duty (CED) as it have significant impact on economic growth and per capita income of Nigeria.

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APA

OKOROUGHO, S (2021). Effect Of Federal Collected Tax Revenue On Economic Development Of Nigeria: 2005-2017 . Mouau.afribary.org: Retrieved Nov 27, 2024, from https://repository.mouau.edu.ng/work/view/effect-of-federal-collected-tax-revenue-on-economic-development-of-nigeria-2005-2017-7-2

MLA 8th

SAMUEL, OKOROUGHO. "Effect Of Federal Collected Tax Revenue On Economic Development Of Nigeria: 2005-2017 " Mouau.afribary.org. Mouau.afribary.org, 27 Jul. 2021, https://repository.mouau.edu.ng/work/view/effect-of-federal-collected-tax-revenue-on-economic-development-of-nigeria-2005-2017-7-2. Accessed 27 Nov. 2024.

MLA7

SAMUEL, OKOROUGHO. "Effect Of Federal Collected Tax Revenue On Economic Development Of Nigeria: 2005-2017 ". Mouau.afribary.org, Mouau.afribary.org, 27 Jul. 2021. Web. 27 Nov. 2024. < https://repository.mouau.edu.ng/work/view/effect-of-federal-collected-tax-revenue-on-economic-development-of-nigeria-2005-2017-7-2 >.

Chicago

SAMUEL, OKOROUGHO. "Effect Of Federal Collected Tax Revenue On Economic Development Of Nigeria: 2005-2017 " Mouau.afribary.org (2021). Accessed 27 Nov. 2024. https://repository.mouau.edu.ng/work/view/effect-of-federal-collected-tax-revenue-on-economic-development-of-nigeria-2005-2017-7-2

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