IMPACT OF TAX REVENUE ON THE GROWTH OF THE NIGERIAN ECONOMY: A TIME SERIES ANALYSIS BETWEEN

Mamudu, Mashaudu Solomon () and Ovedje, Ogheneovo Helen ()
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Mamudu, Mashaudu Solomon: Department of Accounting, Postal: College of Social and Management Sciences,, Western Delta University, Oghara, Nigeria.,, https://www.afarng.org/jfafi/
Ovedje, Ogheneovo Helen: Department of Accountancy, Postal: Delta State Polytechnic, Otefe-Oghara, Nigeria.,, https://www.afarng.org/jfafi/

Journal of Forensic Accounting & Fraud Investigation (JFAFI), 2020, vol. 5, issue 2, 79-97

Abstract: In this paper, we assessed the impact of tax revenue on the growth of the Nigerian economy during the period 1981-2019. The theoretical framework of this paper is anchored on the traditional classical and neoclassical growth model. Tax revenue measures of value added and excise duty taxes and real gross domestic product were obtained from the Central Bank of Nigeria and Federal Inland Revenue Service statistical bulletin. Data obtained were analyzed using the Vector Auto-Regression statistical technique via STATA 13.0 version. Findings of the study indicated that value added and excise duty taxes contribute significantly to the growth of the Nigerian economy. In view of the findings of the study, it was recommended that the Nigerian government should use the revenue generated from value added and excise duty taxes to invest in other domestic sectors such as agriculture and manufacturing in order to boost the revenue base of the nation. Besides, revenues generated from value added and excise duty taxes should be used to provide more social amenities such as electricity and road infrastructure so as to boost the confidence of taxpayers and their willingness to pay taxes at all times.

Keywords: Economic growth; Excise duty tax; Finance act 2019; Tax revenue; Value added tax (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:ris:jfaafi:0026

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