AKINDE, MUKAIL A and OGUNJOBI, JAMIU O and AWE, 1DOWU B and BAKO, YUSUF A (2014) ASSESSMENT OF NON-OIL REVENUE ON ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA. International Journal of Advanced Studies in Economics and Public Sector Management, 2 (1). pp. 50-60. ISSN 1741-8771
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Abstract
In the development of the Sub Sahara Africa's economies, the revenue productivity of the non-oil revenues and efficient utilisation of such taxes to payee cannot be over-emphasized. Tax revenues are not only important agent of economic development but they should also be a positive agent of infrastructural development. The basic objective of the paper is to measure the extent to which proxy of Non-oil Revenue contributes to national development and the efficient use of taxation for infrastructural development to the benefit of payees of taxes in Nigeria. We intend to also overwhelmingly x-ray and compare the contributions of non oil and oil taxes to the proxy of national development. We collected primary data through direct interviews of staff of some selected companies in Agbara Area of Ogun State, Nigeria and time series data from 1972 to 2012 from the Central Bank of Nigeria Annual Reports and Statistical Bulletin. The methodology adopted is Multiple Regression with Error correct factor. From our findings, the coefficient of non-oil revenue is not only smaller in relation to the quantum of oil tax revenues on real domestic product; however they are both significant at 5% confidence and this is tandem to the a prior expectation. This is in support of the popular argument that Nigeria heavily relies on oil revenues for her national development. We recommend that government should endeavour to diversify the revenue base of the economy by employing strategies that will increase industrialization in the real sector, mechanized agriculture and agro- allied industries.
| Item Type: | Article |
|---|---|
| Subjects: | H Social Sciences > H Social Sciences (General) H Social Sciences > HB Economic Theory H Social Sciences > HF Commerce |
| Divisions: | Faculty of Law, Arts and Social Sciences > School of Management |
| Depositing User: | Miss Ayomikun Ogunbadejo |
| Date Deposited: | 25 May 2020 19:42 |
| Last Modified: | 25 May 2020 19:42 |
| URI: | http://eprints.federalpolyilaro.edu.ng/id/eprint/190 |
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