THE ROLE OF TAX REVENUE AND FOREIGN DIRECT INVESTMENT IN PROMOTING ECONOMIC PROGRESS IN NIGERIA

Fineboy Ikechi Joseph (), Cordelia Onyinyechi Omodero () and Obioma Manasseh Omeonu
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Fineboy Ikechi Joseph: Clifford University, Postal: Owerrinta, Abia State, Tel.: 08036970755
Cordelia Onyinyechi Omodero: Clifford University, Postal: Owerrinta, Abia State, Tel.: 07034871571
Obioma Manasseh Omeonu: Clifford University, Postal: Owerrinta, Abia State, Tel.: 08036970755

Annals of Spiru Haret University, Economic Series, 2019, vol. 19, issue 3, 33-54

Abstract: The study examined the impact of tax revenue on economic growth of Nigeria proxied as gross domestic product (GDP) from 2000-2017. The study employed Exploratory and ex-post facto designs and secondary data sourced from Federal Inland Revenue Services (FIRS), UNCTAD, FDI/MNE database, World Bank Report, United Nations Development Programme (UNDP) reports, CBN statistical bulletin. Ordinary Least Squares (OLS) regression technique was adopted to test the hypotheses of the study. The result reveals that tax revenue has significant impact on GDP in Nigeria with R-squared showing that about 87% variations in GDP can be attributed to tax revenue, while the remaining 23% variations in GDP are caused by other factors not included in this model. This is further emphasized by the T-statistic p-value of 0.001 which shows that the regression result is statistically significant because it is less than 5%, level of significance adopted for this study. The result from regression analysis also revealed that there is positive relationship between foreign direct investment and Gross Domestic Product, with a p-value of +0.000, +0.001

Keywords: tax revenue; economic growth and GDP; foreign direct investment (search for similar items in EconPapers)
JEL-codes: F21 (search for similar items in EconPapers)
Date: 2019
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