EFFECT OF TAX REVENUE GENERATION ON ECONOMIC GROWTH IN NIGERIA (1990-
2017)

Inyang, Ochi I., Eme J. Efiong, Ejabu, Fidelis E, and Oko Sam O
Department of Accounting
Faculty of Management Sciences
University Of Calabar-Nigeria.

ABSTRACT
The study examined the effect of tax revenue generation on economic growth in Nigeria from 1990-2017. This study adopted the ex-post facto research design. Time series data were obtained through on-line retrieval method from Central Bank of Nigeria (CBN) annual reports and FIRS annual report of the period covered by the study. The data were analyzed using multiple regression technique in estimating all the coefficients. The result revealed that there is a positive significant effect between tax revenues generation and economic growth in Nigeria. The result further revealed that company income tax and petroleum profit tax contribute significantly to economic growth in Nigeria while VAT and custom and excise duties contribution is not significant to economic growth in Nigeria. It was therefore concluded that well- structured tax revenue generation would increase revenue base of government and encourage productivity resulting in a significant growth in country’s GPD. The study recommended that government should strengthen various institutions with revenue collection responsibility as to ensure full remittance of value added tax and custom and excise duties in Nigeria. Also, government through its agencies should continue to carryout campaign program to increase voluntary compliance despite considerably increase in internally generated revenue.
Key Words: Tax Revenue generation, Economic Growth and Nigeria.

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