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Taxation Policy and Public Economic Growth and Development in Nigeria

Author

Listed:
  • FASUA Henry Kehinde

    (University of Benin Faculty of Management Science Department of Accounting Benin City Edo State, Obafemi Awolowo University Ile Ife, Osun State, Nigeria.)

  • MAYAKI Adeolu Thompson

    (University of Benin Faculty of Management Science Department of Accounting Benin City Edo State, Obafemi Awolowo University Ile Ife, Osun State, Nigeria.)

  • ADEBAYO Sunday Fatoba

    (University of Benin Faculty of Management Science Department of Accounting Benin City Edo State, Obafemi Awolowo University Ile Ife, Osun State, Nigeria.)

Abstract

This study examines taxation policy and public economic growth and development in Nigeria. Data were obtained from the yearly financial reports of the Central Bank of Nigeria on the Real Gross Domestic Product, Petroleum Profit Tax, Value Added Tax and Company Income Tax covering a period of 10 year, from 2011-2020 to test for relationship that exists between taxation policy and economic growth and development. A regressions analysis was used for the analysis of the data and pre-estimation tests were carried out. The findings of this study showed that all the explanatory variables (PPT, VAT and CIT) have significant positive relationships with dependent variable (RGDP) The study concludes that there is significant positive relationship between taxation policy and economic growth and development and recommends that every sector should comply with tax policy and standards established in order to reduce tax avoidance and evasion as well as increase government total revenue.

Suggested Citation

  • FASUA Henry Kehinde & MAYAKI Adeolu Thompson & ADEBAYO Sunday Fatoba, 2023. "Taxation Policy and Public Economic Growth and Development in Nigeria," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(4), pages 463-473, April.
    • Handle: RePEc:bcp:journl:v:7:y:2023:i:4:p:463-473
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    References listed on IDEAS

    as
    1. Odusola, Ayodele, 2006. "Tax Policy Reforms in Nigeria," UNDP Africa Economists Working Papers 307339, United Nations Development Programme (UNDP).
    2. Grace N Ofoegbu & David O Akwu & Oliver O, 2016. "Empirical Analysis of Effect of Tax Revenue on Economic Development of Nigeria," International Journal of Asian Social Science, Asian Economic and Social Society, vol. 6(10), pages 604-613.
    3. repec:eme:ijlma0:17542431011018516 is not listed on IDEAS
    4. Grace N. Ofoegbu & David O. Akwu & Oliver O, 2016. "Empirical Analysis of Effect of Tax Revenue on Economic Development of Nigeria," International Journal of Asian Social Science, Asian Economic and Social Society, vol. 6(10), pages 604-613, October.
    5. Alperen AGCA, 2015. "Financial Development and Economic Growth: Turkey Case," Proceedings of International Academic Conferences 1003857, International Institute of Social and Economic Sciences.
    Full references (including those not matched with items on IDEAS)

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