TAX REVENUE AND THE NIGERIAN ECONOMY
Abstract
This study examines the effect of taxation on Nigerian economic development for a period of 15years. (2002-2024). Time series data were applied in carrying out this research work. Econometric model of data analysis was adopted in the study, the hypothesis on the significance of the relationship between tax revenue and Nigerian economic development was tested with multiple regression to analyze the data. The finding of the study revealed that a significant relationship exist between tax revenue and Nigerian economic development. The utilization of the generated revenue from taxes calls for serious concern because there was a weak correlation between Nigerian Human Development Index and Total Tax Revenue as compared with two other countries. Non-compliance and misunderstanding of tax laws on the part of taxpayers is a hindrance and ineffective tax administration has provided loopholes for tax evasion, the consequences of which is poor revenue. The researcher therefore recommends among others that only skilled, professional and trustworthy hands be responsible for tax administration and the general public should be educated right from the grass root on the importance of taxes to the nation.
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