Tax Incentives and Growth of Listed Oil and Gas Companies in Nigeria

Yinka Mashood Salaudeen, Monsurat Olaide Akano and Tubosun Najim Oladosu
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Yinka Mashood Salaudeen: Department of Accounting, Faculty of Management Sciences, University of Abuja, Nigeria
Monsurat Olaide Akano: Department of Accounting, Faculty of Management Sciences, University of Abuja, Nigeria
Tubosun Najim Oladosu: Department of Accounting, Faculty of Management Sciences, University of Abuja, Nigeria

International Journal of Research and Innovation in Social Science, 2023, vol. 7, issue 11, 540-554

Abstract: This study examined the effects of tax incentives on business growth of the listed Oil and gas companies in Nigeria. The ex-post facto research design was adopted for this study. The population of this study consists of the 12 listed Oil and gas Companies on the Nigerian Stock Exchange from which samples size of ten (10) firms was considered due to availability of data. The panel secondary data were collected from annual reports of the sampled companies for a 7 year period. In analyzing the data, Generalized Least Squares (GLS) was used. The results revealed that capital allowance has no significant relationship with business growth of the sampled listed oil and gas firms in Nigeria. The results also show that there is positive significant relationship between investment allowance and business growth of listed oil and gas firms in Nigeria. While the findings of the study showed that loss relief has a positive significant relationship with business growth of listed oil and gas firms in Nigeria, it was also disclosed that there is significant relationship between allowable interest and business growth of listed oil and gas companies in Nigeria during the period under review. The study therefore recommended that the Government should lay more emphasis on the role of tax incentives and help firms to understand tax law so as to utilize all the available tax incentives which in turn contribute to the growth of oil and gas businesses in Nigeria. The study also recommends there is need for the downstream sector to employ more loan to save tax and use the tax savings to grow the business.

Date: 2023
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