TAX REVENUE AND INFRASTRUCTURAL DEVELOPMENT IN NIGERIA (1994–2017)
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- NGN 5000
Abstract
This study investigated the impact of tax revenue on economic growth.
The Ex-post facto research design was adopted for the study. The Central Bank of Nigeria (CBN) and Federal Inland Revenue Service (FIRS) was chosen for the purpose of the study, The data used in the study was obtained majorly from secondary sources. The research employs quantitative method of data analysis, it was done in four folds: firstly, the descriptive analysis was performed using the mean, maximum, minimum, skewness, kurtosis and the probability of jarque-berra statistics.
The result of the regression analysis reveals petroleum profit tax and customs and excise duties were not statistically significant at 5% level of significance, this means that irregular fluctuation in this revenue did not allowed for significant contribution to gross fixed capital formation, hence infrastructural development expected, in the same vein value added tax and company income tax has significant impact on economic growth during the period under review. This can be attributed to the continuous and steady increase in the value of revenue from this area.
The study concludes that federally collected revenue has significant role in government decision to invest in infrastructural development. The study thereby recommends that; There should be stringent penalty imposed on any individual or corporate body who indulge in any form of tax malpractices irrespective of states; Efforts should be intensified by the government towards increased collection of tax revenue this is due to the low contribution of tax
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