NON-OIL TAX REVENUE AND ECONOMIC GROWTH IN NIGERIA

Christopher Ndu () and Leonard C. Uguru
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Christopher Ndu: Department of Accountancy, Postal: Ebonyi State University, Abakaliki, Nigeria, https://journal.citn.org/
Leonard C. Uguru: Department of Accountancy, Postal: Ebonyi State University, Abakaliki, Nigeria, https://journal.citn.org/

Journal of Taxation and Economic Development, 2022, vol. 21, issue 2, 12-25

Abstract: The study investigated the impact of non-oil tax revenue on economic growth in Nigeria for the period of 20 years (2001 to 2021). The study employed Value Added Tax (VAT), Company Income Tax (CIT), and Custom and Exercise Duty (CED) as proxies for non- oil tax revenue; while economic growth is measured using Gross Domestic Product (GDP). The study made use of secondary data collected from official publications of Central Bank of Nigeria (CBN), the Federal Inland Revenue Service (FIRS), and National Bureau of Statistics (NBS). Analysis of data was done using descriptive statistics; while Ordinary Least Square regression was employed to test the hypotheses at 0.05 level of significance. The result showed that VAT, CIT, and CED have both positive and statistically significant impacts on economic growth in Nigeria. This result implies that all the variables (VAT, CIT, and CED) adopted as proxies for non-oil tax revenue in this study have jointly contributed to promoting the growth of the Nigerian economy for the period under review. The study, therefore, recommended that government should ensure that revenue generated from VAT, CIT, and CED should be utilized judiciously to develop other sectors of the non-oil revenue such as mining and agriculture to enable her to have a variety of viable sources of income.

Keywords: Company Income Tax; Custom and Excise Duties; Economic Growth; Non- Oil Tax Revenue; Value Added Tax (search for similar items in EconPapers)
JEL-codes: H25 H27 O47 (search for similar items in EconPapers)
Date: 2022
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