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Non-Oil Tax Revenue on Economic Growth and Development in Nigeria

Author

Listed:
  • Festus Folajimi Adegbie
  • Appolos Nwabuisi Nwaobia
  • Olalekan Olawale Osinowo

    (Babcock University, Nigeria.)

Abstract

Globally, government is experiencing difficulties in generating adequate revenue to finance their activities. In Nigeria, studies have shown that the recent sharp reduction in the revenue was as a result of decline in crude oil prices which inversely affected the financial ability of government towards growth and development of the nation. To this end, this paper therefore investigated the effect of non-oil taxes on economic growth and development of Nigeria. The study employed ex-post facto research design. Macro data for the period 1994Q1-2017Q4 representing seventy six (76) observations were obtained from CBN statistical bulletin and National Bureau of Statistics. The documents were already exposed to the scrutiny of the appropriate regulatory agencies. The data were analyzed using descriptive and inferential statistics employing multiple regressions. The study discovered that non-oil taxes (custom and excise duties, capital gain tax, company income tax, tertiary education tax and value added tax) have significant effect on economic growth. (Adj. R2 = 0.75, F(5,71) = 213.43, p

Suggested Citation

  • Festus Folajimi Adegbie & Appolos Nwabuisi Nwaobia & Olalekan Olawale Osinowo, 2020. "Non-Oil Tax Revenue on Economic Growth and Development in Nigeria," European Journal of Business and Management Research, European Open Science, vol. 5(3), May.
    • Handle: RePEc:epw:ejbmr0:v:5:y:2020:i:3:id:50325
    DOI: 10.24018/ejbmr.2020.5.3.325
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