PETROLEUM PROFIT TAX AND CAPITAL EXPENDITURE OF THE NIGERIAN ECONOMY (A CASE STUDY OF LAGOS STATE)
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
ABSTRACT
Petroleum Profit Tax is a major source of revenue for the Federal Government of Nigeria to meet its statutory obligations of ensuring the economic development of Nigeria. It assists the government to achieve the country’s macroeconomic objective in the areas of fiscal and monetary policies. However, it has been observed that non-provision of corporate social responsibilities in the communities where there is extraction of crude oil result into constant destruction of production installations, and hindrance to production; tax avoidance and evasion of poor tax administration, and weak fiscal policy have been negating the increase in tax income generated. The main objective of this paper is to assess the relationship between petroleum profit tax and economic development of Nigeria for the enhancement of the welfare of the citizens. Primary and secondary data were used to collect the research data, while chi-square and multiple regression statistical models were used to analyze the results of the field work. The findings reveal that there is a very strong relationship between petroleum profit tax and economic development of Nigeria, tax avoidance and evasion are major hindrance to income growth in this sector, poor tax administration is a problem to effectiveness and efficiency of this source of income, and lack of corporate social responsibilities is causing unrest in the crude oil production zone. The paper recommends the need for the government to make judicious use income generated for the benefits of Nigerians, and among others the need for tax reforms to address the issue of tax evasion and avoidance.
Related Project Materials
PERCEPTION OF CENTRAL BANK OF NIGERIA CASHLESS POLICY BY BANK CUSTOMERS
BACKGROUND OF THE STUDY
The United States of America was the country that started the...
THE ROLE OF POLITICAL PARTIES IN CONSOLIDATION OF DEMOCRACY IN NIGERIA
ABSTRACT
This study was undertaken to evaluate political participation and democratic consolidation in Nige...
BUILDING MAINTENANCE IN NIGERIA: STRUCTURAL DETERIORATION, INVESTIGATION OF CAUSES AND REMEDIES
ABSTRACT
This study examined building maintenance in Nigeria: structural deterioration, investigation o...
THE DEREGULATION OF DOWNSTREAM OIL SECTOR IN NIGERIA AS A SOLUTION TO ECONOMIC RECOVERY OF THE COUNTRY
ABSTRACT
This study examined the deregulation of the downstream oil sector in Nigeria as a panacea to economic recovery...
A SURVEY OF THE CAUSES OF POOR LANGUAGE COMMUNICATION SKILLS AMONG STUDENTS
ABSTRACT
The study was designed to survey the causes of poor language communication skills among students in some...
Read more
A STUDY ON THE ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS AND EARNINGS MANAGEMENT IN QUOTED MANUFACTURING COMPANIES IN NIGERIA
Background to the study
The review of information contained in the business's accounting reports ca...
ISOLATION AND MOLECULAR CHARACTERIZATION OF METHICILLIN RESISTANT STAPHYLOCOCCUS AUREUS FROM POULTRY AND POULTRY FARM WORKERS IN NIGERIA
ABSTRACT
The increasing rate of drug resistance associated with methicillin resistant Staphylococcus aureus is not only a problem in the...
IMPACT OF PLANNING ON HOUSING DEVELOPMENT IN JOS JARAWA DISTRICT, JOS NORTH, PLATEAU STATE
ABSTRACT
This study aims at examining the impact of planning on housing development ...
Building more performant large scale networks for the Internet of Things
Abstract
Inspired by the rise of smaller computing devices and ubiquitous network connectivity, this dissertation focuses on the dynamics...
DESIGN AND IMPLEMENTATION OF STUDENT EVALUATION PROGRAM
Abstract
Student achievement is profoundly influenced by the evaluation practice used by teachers in the classroom. Research in education...
