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Effect of tax revenue on economic growth in Nigeria (1991-2018)

 Department: Economics  
 By: usericon Ovacomer  

 Project ID: 3228
   Rating:  (3.0) votes: 10
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The aim of this study was to critically examine the effect of tax revenue on economic growth in Nigeria from 1991-2018. The study specifically analyzed the effect of tax revenue on economic growth, also to assess the effect of Value Added Tax on economic growth and the impact of tax revenue generated from taxes in Nigeria. Time series data was source from the central bank of Nigeria (CBN) statistical bulletin and National bureau of statistics (NBS) for the study. The study employed the ordinary least square (OLS) multiple regression techniques to estimate the equation. Gross Domestic Product was used as a proxy for economic growth and it was regressed on Petroleum Profit Tax, Company Income Tax and Value Added Tax. The findings reveal that Petroleum Profit Tax, Company Income Tax and Value Added Tax have a positive impact on tax revenue and the economic growth of Nigeria. The utilization of the generated revenue from taxes calls for serious concern, and requires the special attention of policymakers, non-compliance with tax laws on the part of the taxpayers is a hindrance and ineffective administration of tax has given enough loopholes for tax evasion, the consequence of which is poor revenue. The study recommends among others that only skilled and professionals and trustworthy hands are responsible for tax administration and the general public should be educated right from the grass-root on the importance of taxes to the economic growth of the country. ...
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