Impact Of Petroleum Tax On Revenue Mobilization And Development Of Recessed Economy Of Nigeria

ABSTRACT

The study  investigated   the ·effect   of  impact  of petroleum   profit   tax  on  revenue mobilization  and economic  growth in Nigeria.  The major objectives  of the study are to determine  the impact of PPTon  revenue generation  in Nigeria and to investigate the impact of PPT on economic  growth  in Nigeria.  To achieve  the objectives  of the study, survey research  design was adopted.  The researcher  adopted secondary  data in getting  the required  information.  In testing the hypothesis simple regression  was used. The findings   in chapter four  reviewed  that petroleum  profit  tax has impact on revenue  generation   in Nigeria.  It  was  discovered   that petroleum   profit  tax  has strong  impact  on economic  growth  in Nigeria.  Researcher   recommends   that the administration ﾿ of petroleum   profit   tax  should   be  made  better  by  training  tax personnel  in the area of tax and how other developed  oil producing  countries,  such as Canada, deal with the issue of taxing oil and gas companies.  In address inf? the issue of corruption  among  tax officials,  code of conducts should  be made available and mechanisms  must be provided by government  to follow  strictly  to this code of conducts.  To achieve  economic growth,  government  should not only rely on the sale of crude oil as its major source  of income from the oil industry.  They should  also focus  on the issue of taxation  in this industry.