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Iworiso, Jonathan, Temerigha, Ransom Titus and Idiko, Bomanaziba (2023) Investigating the impact of taxation revenue management and its implications on the sustainability of Nigerian economic growth. International Journal of Business and Risk Management, 4 (1). pp. 25-41. ISSN 1758-2172
This paper examines the significance and contributions of taxation revenue in stimulating economic activities, which leads to economic growth and development. The study is carried out critically to examine the impact of taxation revenue and its sustainability on economic growth of Nigeria from 1994 to 2021, with empirical evidence. Taxation revenue has been a major sustenance of economic growth in both developed and developing countries, as government is saddled with responsibility to cater for its citizens’ wellbeing through the provision of infrastructures, public goods, and services. However, the dwindling tax revenue and it attendant public debts in Nigeria became a subject of research. Findings are made through application of time series secondary data, using regression analysis, correlation, cointegration and Augmented Dicky-Fuller tests. The study uses the quantitative design in its findings. The research gauges the perception of taxpayers and the government’s social responsibilities on tax revenue management. The research results led to four main conclusions. First, value added tax is reported to impact significantly on economic growth. Secondly, custom and excise duty tax is reported to have contributed positively on economic growth. Thirdly, the study revealed petroleum profit tax has negative downturn on economic growth due to the huge subsidy cost of petroleum product bore by government. Finally, the study indicates that company income tax revenue do not impact much on economic growth due to multiple taxation on corporate income which affects savings and investment. The research also looks into the future implications of this findings on the Nigerian tax administration and economic growth and recommends some policy measures to be put in place to hold a more sustainable revenue drive, effective and efficient tax administration, and good management of tax resources in Nigeria. Moreover, suggestions are made for further research.
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