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.
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
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.
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 >.
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