Tax Revenue and Economic Growth in Nigeria

SUMMARY

With respect to the general effect of tax revenue on economic growth as revealed by the result it was observed that taxation as key role to play as regard revenue generated by the federal government holding to the fact that taxation is one vital tool used by government to generate revenue which is used to achieve some macroeconomic goals and objectives. Tax authorities are left with the sole responsibility to maintain a cordial relationship with all other stakeholders in the tax system and be responsible for the provision of timely and up to date information on developments in the tax system. They shall also, along with the 58 Ministry of Finance and other relevant Government organs, provide information to tax payers on the allocation, disbursement, expenditure and utilization of tax revenue. However, According to the Presidential Committee on National tax policy (2008), the central objective of the Nigerian tax system is to contribute to the wellbeing of all Nigerians directly through improved policy formulation and indirectly though appropriate utilization of tax revenue generated for the benefit of the people.