ABSTRACT
The revenue profile
of Nigeria consists of revenue from oil and gas, and non-oil revenue (taxation)
with the oil sector accounting for over 70% of the total revenue. The main
objective of this study is to determine the effect of tax revenue on economic
growth of Nigeria. Time series data ranging from 2000-2014 of tax revenue were
extracted from the Central. Bank of Nigeria statistical bulletin 2013 and
various annual reports, Federal Inland Revenue Service and the National Bureau
of Statistics in carrying out this research work . Ordinary least squares
Regression analysis was used to analyze the data. The findings reveal that Petroleum
profit tax has signIcant effect on economic growth of Nigeria at 2.2%, company
income tax has signcant effect on economic growth of Nigeria at 1%, Custom and
excise duties tax has significant effect on economic growth of Nigeria at .5%
and Value added tax has signflcant effect on economic growth of Nigeria at .9%.
Overall, a signIcant relationshzp between tax revenue and economic growth of
Nigeria exists. Therefore, the study recommends that government should
intens/j' efforts in generating tax revenue, establish a strong fiscal
responsibility and transparency system in the country, adopt tax reforms that
would encourage increase in investment, particularly attracting foreign direct
investment, fight corruption, invest generated revenue in critical infrastructure
so as to provide the enabling environment to foster stability and economic
growth in the economy.
OKONKWO, C (2021). Effect Of Tax Revenue On Economic Growth Of Nigeria (2000-2014). Mouau.afribary.org: Retrieved Nov 01, 2024, from https://repository.mouau.edu.ng/work/view/effect-of-tax-revenue-on-economic-growth-of-nigeria-2000-2014-7-2
CHUKWUEMEKA, OKONKWO. "Effect Of Tax Revenue On Economic Growth Of Nigeria (2000-2014)" Mouau.afribary.org. Mouau.afribary.org, 19 Nov. 2021, https://repository.mouau.edu.ng/work/view/effect-of-tax-revenue-on-economic-growth-of-nigeria-2000-2014-7-2. Accessed 01 Nov. 2024.
CHUKWUEMEKA, OKONKWO. "Effect Of Tax Revenue On Economic Growth Of Nigeria (2000-2014)". Mouau.afribary.org, Mouau.afribary.org, 19 Nov. 2021. Web. 01 Nov. 2024. < https://repository.mouau.edu.ng/work/view/effect-of-tax-revenue-on-economic-growth-of-nigeria-2000-2014-7-2 >.
CHUKWUEMEKA, OKONKWO. "Effect Of Tax Revenue On Economic Growth Of Nigeria (2000-2014)" Mouau.afribary.org (2021). Accessed 01 Nov. 2024. https://repository.mouau.edu.ng/work/view/effect-of-tax-revenue-on-economic-growth-of-nigeria-2000-2014-7-2