EFFECTS OF TAX REVENUE GENERATION ON ECONOMIC GROWTH IN NIGERIA: AN IMPERICAL INVESTIGATION

The aim of this study is to examine the effect of tax revenue generation on economic growth in Nigeria. The objectives of the study include; to examine the effect of petroleum profit tax on the gross domestic product of Nigeria; to investigate the effect of company income tax on the gross domestic product of Nigeria and to ascertain the effect of customs and excise duties on the gross domestic product of Nigeria. The study used secondary sources of data gotten from CBN Statistical bulletin and relevant government publications. The research design used for the study was ex – post facto research design. The study found out that petroleum profit tax does not have significant effect on the gross domestic product of Nigeria; company income tax does not have significant effect on the gross domestic product of Nigeria and customs and excise duties do not have significant effect on the gross domestic product of Nigeria. The study recommended that given the dwindling fortunes of revenue from petroleum related sources, of recent, and the seeming bleak future of oil worldwide, Government should embark on the strategic pursuit of broadening the economy to enhance economic growth and development; Government should work at making the economic environment more conducive for businesses to thrive, as companies income tax could be a veritable complement or even replacement for the PPT.