Taxation and tax policy as government strategy tools for economic development in nigeria oyewo babajide michael 1 1 school of business, department of accounting, covenant university, ogun state, nigeria abstract. Is taxation the alternative to vanishing oil revenue. Fiscal federalism, governance and internally generated. Taxation, revenue allocation and fiscal federalism in nigeria.
In nigeria, more attention is given to agriculture and nontax revenue sources to ensure. On the basis of the above findings, the study concludes that nigerian economic growth is highly depended on the oil revenue. According to reports that nigeria has lost its position as the lead supplier of oil to the united states of america, there is need for nigerian government to diversify its revenuebase through taxation as the alternative means of revenue generation in order to keep fit in the face of dwindling revenue from oil. Taxation and tax policy as government strategy tools for. Burning issues, nigeria tax system, tax reforms, revenue. This is approved for students in accountancy business computer science economics engineering arts. Fiscal federalism, governance and internally generated revenue. To overcome the present fall in revenue generation, we recommended certain actions to be taken to improve the system for a better result taxation alternative source of revenue in nigeria. The main objective of this paper is to espouse taxation as an alternative to dwindling oil revenue in nigeria. The ppta is all about taxation of profits from petroleum operations. Nigerian, the government has depended so much on oil revenue for. May 17, 2015 dwindling oil revenue rekindles need to diversify nigerias economy. This era of dwindling revenue from the federation account witnessed an increase in the cost of running the government.
The fallen price of crude at the world market has not only led to the devaluation of the naira and inflation but also has plunged the. Kusi 1998 states that many countries of the world depend mainly on taxation for generating required income to meet their financial needs. This is evidenced by the total oil revenue generated into the federation account from 2000 to 2009 which amounted to n34. Although i still prefer agriculture as the best revenuegenerating alternative to dwindling crude oil revenue, taxation, if done in an innovative and. Download undergraduate projects topics and materials accounting, economics, education. May 05, 2015 oil crash, dwindling revenue threaten nigerias 2015 budget. Effects of taxation as an alternative to the dwindling oil revenue in. Department of accounting and finance faculty of management sciences, lagos state university, lagos, nigeria eaddress. Taxation as an alternative to dwindling oil revenue in nigeria, accounting project topic and materials. Hence, if there is a glut and fall in oil price in international market. Get free research paper on taxation as an alternative dwindling oil revenue in nigeria project topics and materials in nigeria. The impact of tax revenue on nigerian economy case of federal board of inland revenue matthew a.
The country is presently suffering the adverse effects of the dwindling revenue from crude oil and gas sector. It is no longer news that nigeria has finally lost its position as the main supplier of oil to the united states of america and therefore, needs to embrace revenue diversification which can be achieved through taxation as the alternative means of revenue generation in order to withstand the dwindling revenue from oil. Relevance of tax revenue resources to infrastructural. We are proud to present you with the second edition of our oil and gas tax guide for africa. This work examined the nature of tax system, benefits of tax revenue and mechanism that can be adopted to properly harness the revenue from taxation in nigeria. Taxation as an alternative to dwindling oil revenue in nigeria with abstract, chapter 15, references and questionnaire. As a means of survival, the various state governments resorted to alternative sources of fund. The study period spans economic cycles for about 66 percent of the life of. In spite of the inflow of revenue from oil in the recent past, many states were unable to muster revenue from internal sources to meet their planned development programs.
Tax enforcement tools and tax compliance in ondo state, nigeria. Impact of taxation revenue on economic growth of nigeria. So falling back to internal revenue sources became an unavoidable alternative. We have included information for 19 countries and we plan to expand.
Taxation as an alternative to dwindling oil revenue in nigeria includes abstract and chapter one, complete project material available taxation as an alternative to dwindling oil revenue in nigeria abstract the study examine impact taxation as an alternative to dwindling oil revenue in nigeria, the study has the following objectives, to examine taxation as an alternative to. Taxation as an alternative to dwindling oil revenue in nigeria, largest undergraduate projects repository, research works and materials. Examining weak subnational finances in nigerian states chukwuma agu african institute for applied economics,enugu, nigeria abstract one of the most crucial challenges to nigerias ailing fiscal federalism is the inability of states to raise, retain and manage revenue. The fallen price of crude at the world market has orchestrate. Effects of taxation as an alternative to the dwindling oil revenue in nigeria. Taxation, besides its revenue generation capacity, can also be used as a fiscal policy tool to shape the economy. Dwindling oil revenue rekindles need to diversify nigerias. Moreover, major gas consuming nations are experiencing a dwindling of their local gas.
Nigeria government revenues 20102019 data 20202022. This was unsustainable due to the fluctuation in the oil market which have in most cases plunged the nation into deficit budgets omolehinwa, 2011. The study examine impact taxation as an alternative to dwindling oil revenue in nigeria, the study has the following objectives, to examine taxation as an alternative to dwindling oil revenue in nigeria, to examine the effect of taxation on the taxation economy and development in general, to examine the effectiveness of. Taxation, revenue allocation, and fiscal federalism in nigeria 31 total nigerian government revenues were collected by the federal government. Key words taxation, revenue generation, small and medium enterprises, tax monitoring, tax data base, tax education, internally generated revenue igr. Evaluation of the contribution of non oil revenue to. Tax compliance barriers and internally generated revenue in. Taxation final year research project topics free project. This study analyses the impact of non oil tax revenue on economic growth from 1993 to 2012 in nigeria. Effects of taxation as an alternative to the dwindling oil. Final year research project topics, ideas and materials in pdf, doc download for free. The country is presently suffering the adverse effects of the dwindling revenue from crude oil and gas sector, which. Oil crash, dwindling revenue threaten nigerias 2015 budget.
Dec 29, 2015 according to ariyo 1997, nigeria s over dependence on oil revenue to the total neglect of other revenue sources was encouraged by the oil boom of 197374. Based on the result of the longrun cointegration, the study concluded that taxation have negative effects on economic growth in nigeria but can impact positively if government give possible attention to it thereby serving as an alternative to the dwindling oil revenue. Dwindling oil revenue rekindles need to diversify nigerias economy. Kusi 1998 states that many countries of the world depend mainly on taxation for. Nigeria is currently not enjoying the best of times.
Pdf taxation alternative source of revenue in nigeria. The over dependence of the nation on the now dwindling oil sector and. Our pwc oil and gas country specialists have provided up to date information on the oil and gas fiscal and regulatory regimes in their countries along with significant developments. The paper argues that displacement of agricultural products by oil as the focal point of national revenue, and the attendant relegation of the principle of derivation in revenue allocation, is the root cause of the revenue allocation. This study a nalyses the impact of non oil tax revenue on economic growth from 1993 to 2012 in nigeria. How can these mechanisms be improved, or alternative mechanisms instituted, to address more. An assessment of revenue generation drive of lagos state. This is not unexpected as the federal government is solely responsible for the collection of mining rights and royalties, petroleum profit tax nigerias major. Oil crash, dwindling revenue threaten nigerias 2015. Pdf effects of taxation as an alternative to the dwindling oil.
To achieve this research objective, relevant secondary data were used from the 2012 statistical bulletin of the central bank of nigeria cbn. The study investigated the effect of taxation as an alternative to the dwindling oil revenue in nigeria for the period of 24 years covering 1994 to 2017. The dwindling oil revenue arising from the fall in oil prices across the globe and the weak value of naira have left the nigerian economy in a precarious state. With taxation becoming the new tina in nigerias fiscal and economic space, there is a general consensus that the prospects for enhancing nonoil revenue generation through taxation rests. The importance, how to, effect causes relationship, comparison, history, role, solutions are discussed. The country is presently suffering the adverse effects of the dwindling revenue from crude oil and gas sector, which today accounts for about 95 percent of its revenue. Taxation as an alternative to dwindling oil revenue in nigeria. It is obvious that the countrys revenue from oil can no longer fully support its development objectives. The world has moved on from the 1959 oil industry environment that midwifed the petroleum profit tax act,ppta.
The study focuses on the impact of petroleum profit tax, company income tax, personal income tax, value added tax revenue on nigerias economic growth between 1980 and 20. The decline in oil prices globally has led to diversification of economy in most oil enriched countries. Full project the effect of etaxation on government revenue. Dwindling oil revenue rekindles need to diversify nigeria.