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Global Academic Journal of Economics and Business
Volume-3 | Issue-02
Original Research Article
Tax Policies and its Impact on Economic Growth in Nigeria
Onoh, Uloma Adonye, Okafor, M. C., Efanga, Udeme Okon, Ikwuagwu, Henry Chinedu
Published : March 10, 2021
DOI : 10.36348/gajeb.2021.v03i02.001
Abstract
Abstract: The main objective of this study is to analyze the impact of tax policies on economic growth in Nigeria between 1981 and 2019. Data employed for this study were extracted from World Bank Data Base: World Developmental Indicators of 2019 and Federal Inland Revenue quarterly publications. This study employed gross fixed capital formation as proxy for economic development in Nigeria, while company income tax, petroleum profit tax and custom and excise duties were adopted as explanatory variables. This study employed Auto Regressive Distributed Lag (ARDL) Model to analyze data. Inferential results pointed that company income tax and petroleum profit tax had significant positive impact on gross fixed capital formation in Nigeria, while customs and excise duties recorded a negative significant impact on gross fixed capital formation in Nigeria. The study recommended that government of Nigeria should be more serious with tax collection by bringing more taxpayers into its tax net and also curb the illegal activities of militants in the oil producing areas in Nigeria so as to enable the smooth oil exploration in these areas which will in turn increase petroleum profit tax; this would bring about economic growth in Nigeria.

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