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A Relative Assessment Of The Contributions Of Agriculture, Oil And Non-Oil Tax Revenues To Nigeria’S Economic Expansion

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  • OMODERO, Cordelia Onyinyechi

    (Department of Accounting, College of Management Sciences, Michael Okpara University of Agriculture, Umudike, Umuahia, Abia State,)

Abstract

The decline in oil prices globally has led to diversification of economy in most oil enriched countries. In Nigeria, more attention is given to agriculture and non-tax revenue sources to ensure that the country overcomes a mono-economy syndrome which has affected the nation in the past. This study assesses the contributions of agriculture, oil and non-oil tax revenue to economic expansion in Nigeria using data that cover a period from 1981 to 2017. The regression results indicate that oil revenue has a significant negative impact on economic growth which is represented by gross domestic product. On the contrary, the study finds evidence that agriculture and non-oil tax revenue have a robust significant and positive influence on economic growth. Therefore, the study suggests that tax administration in Nigeria should be more business-growth conscious and that agriculture should be given a boost by creating an enabling environment that could attract foreign direct investments in the agricultural sector. The study also recommends that oil revenues should be utilized for reinvestments into other sectors of the economy.

Suggested Citation

  • OMODERO, Cordelia Onyinyechi, 2019. "A Relative Assessment Of The Contributions Of Agriculture, Oil And Non-Oil Tax Revenues To Nigeria’S Economic Expansion," Annals of Spiru Haret University, Economic Series, Universitatea Spiru Haret, vol. 19(2), pages 139-152.
    • Handle: RePEc:ris:sphecs:0327
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    References listed on IDEAS

    as
    1. Akanbi, Olusegun A. & Du Toit, Charlotte B., 2011. "Macro-econometric modelling for the Nigerian economy: A growth–poverty gap analysis," Economic Modelling, Elsevier, vol. 28(1), pages 335-350.
    2. Owolabi A & Ajayi N.O, 2013. "Econometrics Analysis of Impact of Capital Market on Economic Growth in Nigeria (1971-2010)," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 3(1), pages 99-110.
    3. Ogunmakin Adeduro Adesola & Dada Raphael Adek, 2014. "Impact of oil Revenue on Economic Development in Nigeria [1981–2012]," Journal of Social and Development Sciences, AMH International, vol. 5(2), pages 73-78.
    4. Owolabi A & Ajayi N.O, 2013. "Econometrics Analysis of Impact of Capital Market on Economic Growth in Nigeria (1971-2010)," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 3(1), pages 99-110, January.
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    Cited by:

    1. JOSEPH, Fineboy Ikechi & OMODERO, Cordelia Onyinyechi & OMEONU, Obioma Manasseh, 2019. "The Role Of Tax Revenue And Foreign Direct Investment In Promoting Economic Progress In Nigeria," Annals of Spiru Haret University, Economic Series, Universitatea Spiru Haret, vol. 19(3), pages 33-54.

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    More about this item

    Keywords

    oil revenue; non-oil tax revenue; agriculture; economic growth; Nigeria;
    All these keywords.

    JEL classification:

    • H27 - Public Economics - - Taxation, Subsidies, and Revenue - - - Other Sources of Revenue

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