Non-Oil Revenue and the Impact on the Economic Development of Nigeria

Author:

T. Omoyin,,L. A. Sanni,,B. S. Tejumola,,M. O. Umensofor,

Abstract

Nigeria as one of the major oil-producing countries in the world has been diversifying into more non-oil revenue while more attention is paid to tax revenue as it has the potential of taking the country to the Promised Land. As a result, the study sought to examine Non-Oil Revenue and its impact on the Economic Development of Nigeria, leveraging on tax revenue for the period 1994–2023. The objectives of the study examined the effect of corporate income tax, capital gain tax, value-added tax, customs and excise duties on economic growth. Tertiary Education Tax, Stamp duty, and Other Levies were used as controlled variables. Data were sourced from the Central Bank of Nigeria (CBN) Statistical Bulletin and Federal Inland Revenue (FIRS) Statistical Reports. ARDL Regression Analysis was applied to test the hypotheses. The findings revealed that the coefficients of variation for the lag values showed that the RGDP was positively impacted by TDT and CED, while negatively impacted by CIT, CGT, VAT, and SD. The ARDL model's R2 and Adjusted R2 statistics together explained almost 69% of the variation in RGDP, according to the adjusted R2 of 0.518719. This implies that a significant portion of volatility is still unaccounted for despite the model's poor predictive power. The study concluded that the aggregate tax revenue does not show the hope of taking the country to the promised land, as only two (CED and TDT) showed a positive relationship with the economic growth of the country. Thus, it recommended that the Nigerian government need to pay more attention to tax income since it can promote the necessary growth in the nation.

Publisher

African - British Journals

Reference28 articles.

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