TAXATION AND REVENUE GENERATION IN NIGERIA

ABSTRACT

The study examines the taxation and revenue generation in Nigeria. Ex-Post-facto research design was employed for the study. The data covered a period of thirty-one years between (19902020). Data analysis was performed with the use of Ordinary Least Square (OLS) regression analytical technique for the empirical study. The study reveals the reform petroleum profit tax (PPT) had positive relationship with total tax revenue in Nigeria and it is statistically insignificant at 5% level. The study also found that the reform company income tax (CIT) is found to have a positive relationship with total tax revenue in Nigeria and it is statistically significant at the 5% level. Lastly, the reform custom and excise duties (CED) is found to have a positive with total tax revenue in Nigeria and it is not statistically significant at 5% level. Based on the result the study recommends that efforts should be made by the government towards increased collection of tax revenue. This is due to the low contribution of tax revenue to the Nigerian economy over the period of study. This can be done through blocking all loopholes in our tax laws as well as bringing more prospective tax payers into the tax net.