EFFECT OF TAX REVENUE ON ECONOMIC GROWTH IN NIGERIA

Bamidele, Comfort Olaitan () and Olowookere Johnson kolawole ()
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Bamidele, Comfort Olaitan: Accountancy Department, Postal: Osun State College of Technology, Esa-oke. Nigeria,, https://journal.citn.org/
Olowookere Johnson kolawole: Accounting Department, Postal: Osun State Universit, Osogbo, Nigeria,, https://journal.citn.org/

Journal of Taxation and Economic Development, 2019, vol. 18, issue 3, 73-79

Abstract: This study examined the effect of tax revenue on economic growth in Nigeria between the period 1994 -2017. Secondary data were sourced from Central Bank Statistical Bulletin (2017) and National Bureau of Statistics database. Gross Domestic Product that proxied economic growth served as the dependent variable while petroleum profit tax, company income tax, value added tax and custom & excice duty which are indices of tax revenue served as independent variables. Descriptive statistics and multiple regression analysis were conducted on the data. The Diagnostic test was also carried out on the reliability of the data used. The regression result revealed that Value added tax, Petroleum profit tax and Company income tax have positive effects on economic growth and statistically significant with their P-value less than 0.05. However, Custom & Excise duty has a negative effect on economic growth for the observed period. To generate reasonable revenue and sustained economic growth this paper suggests less attention on custom & excise duty and focus on other forms of tax.

Keywords: Tax revenue; Taxation; Economic Growth (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:ris:jotaed:0031

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