European Journal of Accounting, Auditing and Finance Research

Vol.5, No.11, pp.75-85, December 2017

___Published by European Centre for Research Training and Development UK (www.eajournals.org)
TAX REVENUE AND NIGERIAN ECONOMIC GROWTH
Ayeni A. Popoola, Ibrahim Jimoh and Adeyemi A. Oladipo
Department of Accountancy, Osun State College of Technology, Esa-oke, P.M.B.1011. Esa-
oke, Osun State, Nigeria

ABSTRACT: This study was designed to investigate the tax revenue and Nigerian economic
growth for period of three decade, using time series data from 1986 to 2015. The objective of
this study was to examine the significant difference between the effects of oil and non oil tax
revenue on economic growth in Nigeria. Data collected from Central Bank of Nigeria (CBN)
Statistical Bulletin and National Bureau of Statistics (NBS).The study utilized both
descriptive and Paired Sample T-test with the aid of Statistical Package for Social Science
(SPSS) Version 23.The findings showed that, oil and non oil tax revenue were positive and
strongly correlated with Real Gross Domestic Product (RGDP) with coefficient( r = .902, P<
0.05) and (r = .975, P< 0.05). The results also showed that, there was significant difference
between the effects of oil and non oil tax revenue on RGDP as shown ( t29 = 11.424 , P<
0.05) and ( t29 = 10.968, P< 0.05). Findings also showed that, oil and non oil tax revenue
contributed 7.7% and 2.5 % to RGDP from 1986-2015. This research work concluded that,
there was significant difference between the effects of oil and non oil tax revenue on
economic growth in Nigeria. There should be accountability and transparency from
government officials on the management of revenue derived from taxation (oil and non oil) in
Nigeria.
KEYWORDS: Tax Revenue, Oil and Non Oil, Real Gross Domestic Product, Economic
Growth

INTRODUCTION
Tax is a compulsory levy imposed by government on individuals and companies for the
various legitimate functions of the state. All levels of governments in Nigeria do no longer
perform their responsibilities simply because of financial crisis experienced from internally
generating revenue. This bad financial situation is further aggravated by the prevailing
inflationary situation in this country which erodes the value of funds available to render
essential social service to the people. Okafor, (2012) and Sanni (2007) advocated the use of
tax as an instrument of social engineering, to stimulate general and/or sectoral economic
growth. In that regard, taxation could have a positive or negative effect on both the individual
and the government. In Nigeria, tax revenue has accounted for a small proportion of total
government revenue over the years. This is because the bulk of revenue needed for
development purposes is derived from oil. Crude oil export has continued to account for over
80% of the total federal government revenue, while the remaining 20% is contributed by non-
oil sector in previous years. ( Odusola 2006)
Economic growth specifically means an increase in the value of goods and services produced
by a country over a period, and the economists use this increase in country's GDP to measure
it. Thus, it is possible to have economic growth without economic development in short or
medium term (Hadjimichael, Kemenyy & Lanahan, 2014).

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Ihendinihu, Ebieri and Amaps Ibanichuka, (2014) mentioned two main sources of federal
government revenue exist namely; oil and non-oil revenue. Oil revenue is revenue from crude
oil and gas local sales and exports, receipts from petroleum profits tax and royalties, while
non oil revenue includes revenue from Companies income tax (CIT), Custom and Excise
Duties, (CED), Valued Added Tax, Education Tax, Personal Income Tax (PIT), Levies,
public debt, grants, aids amongst others.

Research Problem
The government of Nigeria is faced with multifaceted problems ranging from corruption,
embezzlement, poor financing, mismanagement of funds and poor leadership. This has
deterred the growth and developments of all level of government in Nigeria. Lyndon and
Paymaster (2016), opined that, tax revenue mobilization as a source for financing
developmental activities in Nigeria has been a different issue, primarily because of various
forms of resistance, such as tax evasion, tax avoidance and other forms of corrupt practices.
These activities are considered as sabotaging the economy and are readily presented as part of
the reasons for present state of underdevelopment in Nigeria as tax revenue has been seen as
major source of government revenue all over the world.
However, unfortunately, it is evidenced that, the role of tax revenue in promoting economic
growth in Nigeria is not felt, primarily because of its poor administration. The major
challenges facing tax revenue in Nigeria include, poor accountability, lack of awareness of
the general public on the imperatives and maximum benefits of taxation, corruption of tax
officials, tax avoidance and evasion by taxpayers, connivance of taxing officials with taxing
population, poor method of tax collection, etc. The serious decline in price of oil in recent
years has led to a decrease in the funds available for distribution from federal to state and
local governments. The need for governments at all levels to generate adequate revenue from
internal sources has therefore become a matter of extreme urgency and importance. This need
underscores the eagerness on the part of local, state and the federal governments to look for
new sources of revenue wit a view to innovatiing the mode of collecting revenue from
existing sources. Several studies have been carried out in the past on this subject But the
review of previous empirical literature revealed a lack of established significant difference
between the effects of oil and non oil tax revenue on economic growth in the research
findings of past researchers in which indicates the existence of a research gap. Ofoegbu,
Akwu & Oliver (2016) studied empirical analysis effects of tax revenue on economic
development of Nigeria using annual time series data for the period 2005 -2014..Other
research works focused on the impact of tax revenue on economic growth in Nigeria and /or
in other countries includes, Ogar & Oka (2016) , Okafor (2012), (Abata, 2014, Ayuba, 2014,
Macek 2014, Ude & Agodi, 2014., Otu & Theophilus 2013, Gacanja 2012 and Muriithi
2013). It is observed that, none of research works dealt with oil and non oil tax revenue and
Nigeria economic growth as a single phenomenal for period of three decades 1986-2015. The
omissions in the literature, therefore, will form major gap in this study. The study therefore,
seeks to answer the following fundamental question: What are the significant difference
between the effects of oil and non oil tax revenue on economic growth in Nigeria?

Objectives of the Study

The main objective of this study is to examine the significant difference between the effects
of oil and non oil tax revenue on economic growth in Nigeria

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___Published by European Centre for Research Training and Development UK (www.eajournals.org)
Significance of the Study
Oil and non oil revenue are major sources of revenue to the government. This can be used to
achieved economic growth, maintaining equilibrium in the economy by combating
element of depression, inflation or deflation, achieve equity in income and wealth
distribution and address issues of poverty and promote socioeconomic development, hence
the need to find out the extent tax revenue impacts on Nigeria’s economic growth . The
research findings would be of importance to policy makers at national level as they designed
policies aimed at enhancing economic and development through a better tax revenue system.
Policymakers, especially federal Inland Revenue Service will use the outcome of the study
to gauge its performance, and determine the level of input it would have to make impact
positively to the Nigeria

Contributions
This study contributes to the existing literature on how tax revenue can be catalyst to
economic growth. This study is one of very few studies that, investigated the significant
difference between the effects of oil and non-oil tax revenue on economic growth in Nigeria.

LITERATURE REVIEW
Conceptual Review
Taxation is an instrument employed by the government for generating public funds (Ofoegbu
et al (2016) & Anyaduba, 2004). It is a required payment imposed by the government on the
income, profit or wealth of individuals, group of persons and corporate organisations which
involves the application of tax rate to a tax base (Ofoegbu et al 2016 & Piana
2003).According to Okafor (2012) and Brautigam (2008), a well-designed tax system can
help governments in developing countries prioritize their spending, build stable institutions,
and improve democratic accountability. The main purpose of a tax is to enable public sector
finance its activities so as to achieve some nation’s economic and social goals. It can also be
for the purpose of redistribution of wealth to ensure social justice (Ayuba, 2014 and Ola,
2001). Taxes, therefore, can be used as an instrument for achieving both micro and
macroeconomic objectives especially, in developing countries such as Nigeria. Macek (2014)
and Musgrave and Musgrave (2004) commented that, the dwindling level of tax revenue
generation in the developing countries makes it difficult to use tax as an instrument of fiscal
policy for the achievement of economic development. Governments of the countries like
Canada, United States, Netherland and United Kingdom have substantially influenced their
economic development through tax revenue generated from Company Income Tax, Value
Added Tax, and Personal Income Tax and have prospered through tax revenue (Oluba, 2008).
In Africa, natural resources such as income from production sharing, royalties, and corporate
income tax on oil and mining companies yield the significant portion of tax revenue (Pfister,
2009). The sources taxes are the basic and most reliable sources of government revenue
because of their certainty and flexibility characteristics.

Profile of oil and non-oil tax revenues in Nigeria

From the independence to date, there have not been many changes in the country’s tax
structures because the demarcation between oil and non-oil revenue is thin. But the type of

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___Published by European Centre for Research Training and Development UK (www.eajournals.org)
primary commodity involved has changed: prior to the mid-1970s, it was agricultural
commodity but crude oil thereafter. Even the advent of VAT in 1994 did not make a
significant difference, and the revenue base of the country has been oscillating from one
primary commodity to another. In the 1960s, the Nigerian economy was characterised by the
dominance of agricultural tax, which served as a proxy for personal income tax because of
the difficulty in correctly determining tax liability and accessing individual farmers. During
this period, various marketing boards were responsible for collecting the tax (Odusola 2006
& Ariyo 1997).Oil and non oil tax revenue was 75% and 25% shared in total revenue covered
the period of 1984-2015. Also, oil and non oil tax revenue contributed 7.7% and 2.5% to
RGDP from 1986-2015.

Theoretical Review
The following theories of taxation are discussed in this study
Socio political theory of taxation: Ogbonna and Appah (2012) affirmed this reasoning
justifies the imposition of taxes for financing state activities and for the provision of a basis
for apportioning the tax burden between members of the society. They advocated that,
advocates for a tax system which is not designed to serve individuals but one that cures the
ills of the society as a whole. The society is made up of individuals but is more than the sum
total of its individual members; consequently, the tax system should be directed towards the
health of the society as a whole, since individuals are integral part of the broader society
(Chigbu, Akujuobi and Appah, 2012).
Expectancy theory: Ayuba (2014 ) and Bhartia (2009) asserts that, the taxation is such that
every tax proposal passes the test of practicality and must be the sole consideration before the
tax authorities in a bid for tax proposal. It strongly emphasises that, the economic and social
objective of the state is considered irrelevant since it is meaningless to have a tax that cannot
be levied and effectively collected.
Benefits-received theory: This assumes an exchange or contractual relationship between the
state and the tax-payers, certain goods and services are provided by the state and the cost of
such goods and services are contributed in the proportion of the received benefits, thus, the
benefits received present the basis for distributing the tax burden in specific manner. This
theory overlooks the possible use of the tax policy for bringing about economic growth or
stabilization .Chigbu, et.al, (2012) see the cost of service theory as very similar to the
benefits-received theory. The theory emphasize on semi commercial relationships between
the state and the citizens to a greater extent. The implication according to Chigbu, et.al,
(2012) was that, the citizens are not entitled to any benefits from the state and if they do, they
must pay the cost thereof. In this theory, the costs of services are scrupulously recovered
unlike the benefits-received theory where a balanced budget is implied.
Ability to pay theory: This theory of taxation upholds that, taxes imposed on tax-payers
should be based on the progressive tax approach which maintains that taxes should be levied
according to a tax-payer’s ability to pay. This system of taxation requires that higher earning
persons pay taxes higher than those with lower income. The basic tenet of this theory is that,
the burden of taxation should be shared by the members of the society on the principle of
equity and justice and that this principle necessitates that tax burden is apportioned according
to their relative ability to pay. Adam Smith is the brain behind the principle of equity and
justice. He advocates that, the amount of tax payable should be equal, this by implication

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Vol.5, No.11, pp.75-85, December 2017
___Published by European Centre for Research Training and Development UK (www.eajournals.org)
means that, tax payable is in proportion to earned income. Equity and justice is assumed only
when the tax system is based on the ability of the tax payer to pay the amount levied as tax
liability.

Empirical Review
Many studies have investigated on the impacts of tax revenue on economic growth in
Nigeria, and in different part of the countries with diverse techniques and opinions. The
outcomes of the investigations however, have shown that, tax revenue has a significant
relationship with economic variables.
Lyndon and Paymaster (2016) examined the impact of companies’ income tax, value-added
tax on economic growth (proxy by gross domestic product) in Nigeria, using secondary time
series panel data covered the period 2005 to 2014. Their results of the analysis showed that,
both company income tax and value-added tax have positive impact on economic growth
.Macek (2014) similarly, investigated the impact of taxation revenue on economic growth in
OECD countries, using time series secondary data for the period 2000 – 2011. He adopted a
mathematical multiple regression model to capture the linearity correlation between the
variables of the study.
Stoilova & Patonov (2012) also examined the impact of taxation on economic growth in 27
European Union countries, using data for the period 1995 – 2010. They discovered that,
direct tax revenue made more efficient impact on economic growth in EU countries than
indirect taxes. Ogbonna & Appah (2012) observed the impact of tax reforms on economic
growth in Nigeria using data collected from the Statistical Bulletin of the Central Bank of
Nigeria (CBN) for the period 1994 - 2009.They found that, tax reform variables such as
petroleum profit tax, companies’ income tax, value-added tax, education tax, personal income
tax, and custom and excise duties had significantly impact on economic growth in Nigeria.
They concluded that, tax reforms improved government revenue. In a related study, Umoru &
Anyiwe (2013) investigated the correlation between the New National Tax Policy and
economic growth in Nigeria using co-integration technique and error correction model to
analyze data. The results of their analysis revealed that, direct taxation revenue had
significant positive relationship with economic growth, while indirect tax revenue had
insignificant but negative impact on economic growth in Nigeria. They concluded that,
Nigeria’s tax policy towards indirect taxation lack justification, rather the country should
strengthen the structures of direct taxation. Ihenyen and Mieseigha (2014) viewed taxation as
a financial instrument for economic growth in using data obtained from the Central Bank of
Nigeria for the period 1980 – 2013. They employed Ordinary Least Squares technique (OLS).
The results revealed that, corporate income tax and value-added tax impacted positively on
gross domestic product. They concluded that, taxation is an instrument of economic growth
in Nigeria.
In a similar study, Edame & Okoi (2014) examined the impact of taxation on investments and
economic development in Nigeria, using data covering the period 1980 – 2010. They
discovered that, corporate income tax and personal income tax were negatively related to
investment, but positively related to government expenditure. They concluded that, taxation
is an instrument for government expenditure. Chude & Chude (2015) also investigated the
impact of company income tax on the profitability of brewery companies in Nigeria. The
work revealed that, there was a positive correlation between taxation and profitability.

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Ayuba, (2014) investigated the impact of non-oil tax revenue on economic growth in Nigeria,
using secondary data collected from the CBN Statistical Bulletin from the period 1993 -
2012. His results showed that, non-oil tax revenue impacted positively on economic growth
in Nigeria. Ofoegbu et al.( 2016) studied empirical analysis of effects of tax revenue on
economic development of Nigeria using annual time series data for the period 2005 -
2014.They discovered that, there was a significant relationship between tax revenue and
economic development. The results also revealed that, measuring the effects of tax revenue
on economic development using HDI gave lower relationship than measuring the relationship
with GDP gives a painted picture of the relationship between tax revenue and economic
development in Nigeria
Cornelius, Ogar & Oka (2016) examined the impact of tax revenue on the Nigerian economy.
The study covered the period from 1986 to 2010 using CIT, PPT and NOR as independent
variable against GDP. Their findings revealed that, there was a significant relationship
between petroleum profit tax and the growth of the Nigeria economy. It also showed that,
there was a significant relationship between non oil revenue and the growth of the Nigeria
economy. They found that, there was no significant relationship between company income
tax and the growth of the Nigeria economy. Okafor (2012) studied tax revenue generation
and Nigerian economic development cover the period 1981-2007. A simple hypothesis was
formulated in the null form which states that there is no significant relationship between
federal collected tax revenue and the GDP in Nigeria. The regression result indicated a very
positive and significant relationship
Abata (2014) wrote on the impact of tax revenue on Nigeria economy using descriptive
survey design and simple random sampling technique. His findings revealed that, tax revenue
has a significant impact on Federal Government Budget implementation and revenue
generated in Nigeria. Macek (2014) investigated the impact of taxation revenue on economic
growth in OECD countries, using time series secondary data for the period 2000 – 2011. A
mathematical multiple regression model was adopted to capture the linearity correlation
between the variables of the study. Tax variables by OECD classifications include personal
income tax, corporate income tax, social security contribution, property tax, value-added tax
and tax on consumption
In a related study, Otu & Theophilus (2013) examined the effects of tax revenue on economic
growth in Nigeria, utilizing time series data for the period spanning from 1970 to 2011. Their
results shown that, domestic investment, labour force and foreign direct investment have
positive and significant effects on economic growth in Nigeria. Ogbonna & Appah (2016)
investigated the effects of tax administration and revenue on economic growth of Nigeria.
Data collected from the questionnaires and secondary data were analyzed using relevant
regression analysis. Their results revealed that, there was a significant relationship between
the following: Personal income tax revenue (PITR) and per capita income; Company income
Tax Revenue and Gross Domestic product of Nigeria; VAT revenue and PCI of Nigeria,
Petroleum Profit Tax revenue and GDP of Nigeria
Ihendinihu, et al (2014) investigated long-run equilibrium relationships between tax revenue
and economic growth in Nigerian between 1986 and 2012. Their results indicated that, total
tax revenue has a significant effect on economic growth; explaining about73.4% of the total
variation in RGDP. CIT, EDT and OTR were discovered to have significant effects on
economic growth; sustaining long-run equilibrium relationships with RGDP. Muriithi (2013)
examined the relationship between government revenue and economic growth in Kenya. His

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studied showed that, there is a direct relationship between income tax and economic growth.
He further concluded that, increase in VAT leads to positive effects on the rate of economic
growth.
In addition, Ude & Agodi (2014) investigated the time series roles of non-oil revenue
variables on economic growth in Nigeria for period of 1980-2013. They discovered that, non-
oil revenue variables analysed are: agricultural revenue and manufacturing revenue and
interest rate have significant impact on economic growth in Nigeria. Meanwhile, Medee &
Nenbee (2011) studied the econometric analysis of the impact of fiscal policy variables on
Nigeria’s economic growth (1970-2009) using Vector Auto-regression and Error correction
mechanism techniques and claimed that, tax revenue have effects on the gross domestic
product both at the short and long run, meaning that tax revenue has positive impact on the
economic growth in Nigeria. Gacanja (2012) did an empirical case study in Kenya on tax
revenue and economic growth. His results revealed a positive relationship between economic
growth and tax revenues.

RESEARCH METHOD
This section discusses the methodological issues of the study. Precisely, this deals with
source of data collection, model specification, and estimation techniques as well as data
description. Secondary data was used for this study and these data were collected from the
Central Bank of Nigeria (CBN) statistical bulletin and National Bureau of Statistics (NBS)
between 1986 and 2015.This study is to be estimated with the use of the paired sample T-test.
It is imperative because it desires to estimate the significant difference that exists between the
dependent and independent variables. The statistical test for the measurement of the
parameter estimate includes the co-efficient of determination r, the t-test. The significance
level at which the hypotheses are accepted is 5% (0.05).

RESULTS AND DISCUSSION

Table 1: Summary of Descriptive Statistics of RGDP, OTR and NOTR

RGDP OTR NOTR

Sum 1002500.06 76854.61 25513.59
Range 53785.94 8870.86 3270.63
Mean 33416.6687 2561.8203 850.4530
Minimum 15237.99 8.11 4.49
Maximum 69023.93 8878.97 3275.12
Standard dev. 17281.66980 2814.72754 1046.60053
Variance 2.987E8 7922691.151 1095372.667
Skweness 0.827 0.834 1.213
Kurtosis -0.721 -0.642 0.192
Observations 30 30 30
Source: Author’s compilation Using SPSS window 23
Table 1 above provides the summary of descriptive statistics of RGDP, OTR and NOTR for
the study. Given the scope of the study (1986-2015) and the frequency of the annual data, all
the variables have 30 observations. As shown in Table 2, the sum, range, mean, maximum

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and minimum, standard deviation and variance as well as the skewness and kurtosis of our
variables of interest are evident. The various statistics indicate that the variables have
different distributions. The skewness statistic reveals that all the variables have normal
distributions so also applicable for all the variables with the kurtosis statistic

Hypothesis
There is no significant difference between the effects of oil and non oil tax revenue on
economic growth in Nigeria
Table 2; Paired Samples Correlations
N Correlation Sig.
Pair 1 Real Gross domestic 30 .902 .000
Product & Oil Tax
revenue
Pair 2 Real Gross domestic 30 .975 .000
Product & Non oil Tax
revenue

Table 3: Paired Samples Test

Sig.
2-
taile
Paired Differences t df d)
95% Confidence
Interval
of the Difference
Std. Std.
Mean Dev. Err.M Lower Upper
Pair 1 Real Gross domestic 30854.84 14793. 2700.9 25330.7245 36378.9 11.42 29 .000
Product - Oil Tax 833 87511 7970 8 7208 4
revenue
Pair 2 Real Gross domestic 32566.21 16263. 2969.2 26493.3781 38639.0 10.96 29 .000
Product -Non oil Tax 567 35753 6926 6 5317 8
revenue
Source: Authors’ Compilation from SPSS output, using window 23
From the results analyzed in table above 2 the independent variables oil tax revenue was
strongly positive perfectly correlated with RGDP ( r = .902, P< 0.05), while non oil tax
revenue was also strong and positive correlated and there was linearity in the result with the
dependent variable (RGDP) as shown ( r = .975, P< 0.05). The results in the table 3 above
shows that there was significant difference between the effects of oil and non oil tax revenue
on RGDP as shown ( t29 = 11.424 , P< 0.05) and ( t29 = 10.968, P< 0.05) Therefore, the null
hypothesis is rejected and accept the alternative. This implies that there is a significant
difference between the effects of oil and non oil tax revenue on RGDP. The implication of
this rejection is that the oil tax revenue (crude oil and gas exports, receipts from petroleum
profits tax and royalties, revenue from domestic crude oil sales) has significant difference in
contribution to economic growth in Nigeria at 5% significance level than the contribution of
non oil tax revenue which comprised of revenue from companies income tax, value added

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tax, customs and excise duties, federal independent revenue, education tax, customs levies
and other.

CONCLUSION AND RECOMMENDATIONS

Based on the findings of this study, we concluded that, there was a great level of difference
between the effects of oil and non oil tax revenue on economic growth in Nigeria. This study
has equally generally revealed that, tax revenue has a very positive impact on economic
growth in Nigeria; especially in its socio-economic as oil and non oil tax revenue contributed
75% and 25% shared in total revenue covered the period of three decade 1986-2015. Also,
oil and non oil tax revenue contributed 7.7% and 2.5% for the 1986-2015 to RGDP. The
results obtained in this study confirm that, a positive and strong correlation exists between
Oil Tax Revenue (OTR) and Non Oil Tax Revenue (NOTR) and the level of economic
growth proxy by RGDP in Nigeria.
It was recommended that, Government should seriously work towards diversifying the
revenue base of the economy as the reduction in the price of crude oil at the international
market that adversely affect income from petroleum profit tax. The regulatory authorities
charged with the sole responsibility of collecting tax should further be strengthened to
enforce compliance by taxpayers. There should be accountability and transparency from
government officials on the management of revenue derived from taxes and also citizens
should be able to benefit from the payment of taxes in Nigeria.

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