EFFECT OF NON-TAX REVENUE ON THE ECONOMIC GROWTH IN NIGERIA

Uche Lucy Onyekwelu, Abraham Chineke, Ferdinand N. Iroegbu

Abstract


This paper assesses the relevance of Non-Tax Revenue on the Growth of Nigerian Economy. The study   adopted the ex- post facto research design. Secondary data were employed in the study. The data for analysis were from the Central Bank of Nigeria the statistical bulletins/releases. Data were analysed using the Ordinary Linear Regression. Results show that revenue from crude oil export has a positive and insignificant effect on Gross Domestic Product (GDP). Revenue from domestic crude oil sales has a positive and insignificant effect on Gross Domestic Product (GDP).Result further reveals that revenue from royalties has positive and significant effect on Gross Domestic Product (GDP). However, revenue from other oil sources not classified above has positive and insignificant effect on Gross Domestic Product(GDP). The paper  recommends that the country employ the revenues realized judiciously on economic sectors that will better accounting and collection strategies be put in place to forestall the huge funds which are not accounted for in the  oil sales revenue in Nigeria.  


Keywords


Non-Tax Revenue, Economic Growth, Nigeria

Full Text:

PDF

References


Akinlo, A. E. (2012). How important is oil in Nigeria’s economic growth?

Journal of Sustainable Development, 5(4). doi:10.5539/jsd.v5n4p165URL:http://dx.doi.org/10.5539/jsd.v5n4p165

Aneke, O. (2017). Relevance of non-tax revenue on economic development in Nigeria.

Central Bank of Nigeria (2007- 2016). Central bank of Nigeria annual report. Abuja, Nigeria: Central Bank of Nigeria.

Frankel, J. (2010). The natural resource curse: a survey. National Bureau of

Economic Research. Working paper No.15836.

Ibaba, S. T. (2005). Political foundations of the resource curse. Journal of

Development Economics, 79(2), 447-468.

Ibeh, D. S. (2013). Diversification and development of the UAE’s economy: Messina, Italy: University of Messina.

Igbeasere, T. (2013). Effect of oil dependency on Nigeria’s economic growth. Journal of International Institute of Social Science, 3(1)

Inyiama, I.O and Ezeugwu, I.C.(2016). Research methodology.

Nweze, P. N & Greg, E. E. (2016). An empirical investigation of oil revenue and economic

growth in Nigeria, European Scientific Journal,.12(25)271- ISSN: 1857 – 7881 (Print) e - ISSN 1857- 7431,doi: 1 0.1 9044/esj.2016.v1 2n25p271 URL:http://dx.doi.org/1 0.1 9044/esj.201 6.v1 2n25p2

Nwezeaku, O. (2010). Why policies fail in Nigeria: An evaluation of agriculture policies(1972-1985). OIDA International Journal of

Sustainable Development, 1(1), 84-86.

Odularu, G.O. (2008). Crude oil and the Nigerian economic performance.

Oil and Gas Business, http://www.ogbus.ru/eng/ 1- 29

O’Toole, G. (2007). Politics Latin America. Harlow: Pearson Education Limited.

Onyekwelu, L.U(2015).

Sachs, J.D. and A. Warner (1997). Sources of slow growth in African economies. Development Discussion Paper No. 545, Harvard Institute of

International Development, July 1996.

Shihab, M. (2001). Economic Development in the UAE, in I. Al Abed and P. Hellyer (eds) United Arab Emirates: A New Perspective, 249-259.

Shirley, M. (2008). Institutions and Development, in C. Menard and M.M. Shirley (eds) Handbook of New Institutional Economics, 611-638.

Solow, R. M. (1956). A contribution to the theory of economics growth.

Quarterly Journal of Economics (Oxford Journals), 70 (1), 65–94.

World Bank (2013). Nigeria economic report (No. 1). Washington, DC:


Refbacks

  • There are currently no refbacks.