A CRITICAL APPRAISAL OF TAXATION AS AN INSTRUMENT OF ECONOMIC GROWTH IN NIGERIA - UNIPROJECTS

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A CRITICAL APPRAISAL OF TAXATION AS AN INSTRUMENT OF ECONOMIC GROWTH IN NIGERIA



ABSTRACT

The study set out to critically appraise taxation as an instrument of economic growth in Nigeria. Taxation was been neglected in Nigeria by various government in power after the discovery of oil. However, the subject was beginning to attract more attention from the government because of the volatility of oil prices, the agitation of oil producing states to control their resources and the felt need to diversify the nations economy. The unpredictable fluctuation in petroleum price which has continue to result into low accruable income needed to facilitate economic  growth and development.  Hence, the three levels of government are now constrained to revitalize their tax system either by modifying the existing tax laws or introducing new ones. Though, tax is seen as a punitive instrument by some certain class but is a veritable tool employed by the developed nation to accelerate their economic growth.
The study was limited to 10 years of data which was gathered from secondary sources and the ordinary least square analysis method was used to test the reliability and validity of data collected. It was also used to determine the relationship that exist between the variables used during the course of the study.
However, from the research findings, it was concluded that there  exist a significant relationship between taxation and economic growth of Nigeria and also significant relationship between taxation and revenue generation in Nigeria. Finally, it is hope that better tax structure should be put in place to ensure effective execution of the various tax Acts that will lead to rapid economic stability and growth of the nation.

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