Government Revenue and Economic Performance of Nigerian Economy (2000 – 2019)

Abdullahi Saidu Maikano

doi:doi:10.11648/j.jfa.20221001.13

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Government Revenue and Economic Performance of Nigerian Economy (2000 – 2019)

Abdullahi Saidu Maikano

Published in Journal of Finance and Accounting (Volume 10, Issue 1)

Received: 17 December 2021 Accepted: 12 January 2022 Published: 18 January 2022

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Abstract

The government of Nigeria has of recent encountered dwindling revenue generation due to the global economic crisis and COVID-19 pandemic, thus making it difficult for the government to finance its expenditures and subsequently not achieving the desired economic growth. This paper therefore examined the correlation between government revenue and economic performance of the Nigerian economy. The paper employed a mix of descriptive cum historical approach. Time series data spanning 2000 - 2019 were obtained and used. The sources of data were the Central Bank of Nigeria (CBN), National Bureau of Statistics (NBS) and Federal Ministry of Finance. Data were subjected to analysis and testing by means of Ordinary Least Square (OLS) multiple regression technique. Results revealed that significant positive relationship exists between the explanatory variables and explained variable. Arising from the findings, the paper made recommendations which include, among others, government’s intensification of its policy of economic diversification from the oil sector to non-oil sectors so as to increase and sustain non-oil revenue; formulate enabling tax policy that will increase tax revenue as well as strengthening the anti-corruption institutions with a view to alleviating corruption which constitute monumental leakages in the revenue generation process.

Published in	Journal of Finance and Accounting (Volume 10, Issue 1)
DOI	10.11648/j.jfa.20221001.13
Page(s)	25-29
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2022. Published by Science Publishing Group

Keywords

Government Revenue, Economic Performance, Expenditure, Tax, Revenue

References

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[2]	Ahmed, Q. M. (2010). Determinants of Tax Buoyancy: Empirical Evidence from Developing Countries. European Journal of Social Sciences. 13 (3), 408-414.
[3]	Aregbeyen, O & Kalowele, B. O. (2015) Oil Revenue, spending and Economic Growth, Relationships in Nigeria. Retrieved fromv8n3p113.
[4]	Asagunla, T. M. & Agbede, M. O. (2018). Oil Revenue and Output Growth in Nigeria. IIARD International Journal of Economics and Business Management, 4 (6), 65–74.
[5]	Asogwa, F & Okpongette, L, D (2015). Oil Revenue and Nigeria Macroeconomic Performance: An Econometric Analysis. International Journal of Science and Research (IJSR) Available at https://www.ijsr.net/archive/v5i8/ART20161190
[6]	Central Bank of Nigeria. (2020). Central Bank of Nigeria Statistical Bulletin. Abuja.
[7]	Chaudhry, S. I. and Munir, F. (2010). Determinants of Low Tax Revenue in Pakistan. Pakistan, Journal of Social Sciences, 30 (2), 439-452.
[8]	Chimobi P. O (2011). Insurance Market Activity and Economic Growth: Evidence from Nigeria. Asian Economic and Financial Review. - Asian Economic and Social Society. - Vol. 1.2011, 4, p. 245-253. https://www.econbiz.de/Record/insurance-market-activity-and-economic-growth-evidence-from-nigeria-omoke-philip-chimobi/10010839185
[9]	Chimobi, O. P., & Igwe, O. L. (2010). Budget deficit, money supply and inflation in Nigeria. European Journal of Economics, Finance and Administrative Sciences 19, 52-60.
[10]	Constitution of the Federal Republic of Nigeria of 1999 as amended.
[11]	Egbadju, L. U. &Oriavwote, V. E.(2016). Analysis of Oil Revenue and the Performance of the Evidence from Nigeria. Pakistan Journal of Social Sciences, 9: 46-58. DOI: 10.3923/pjssci.2012.46.58.
[12]	Joseph, F. I. & Omodero, C. O.(2020). The Nexus between Government Revenue and Economic Growth in Nigeria. Economics and Business, https://doi.org/10.2478/eb-2020-0003
[13]	Ihendinihu J. U, Jones E. &Ibenichika E. A. (2014). Assessment of the long run equilibrium relationship between tax revenue and economic growth in Nigeria (1986-2012).
[14]	Nwoba O. E. & Abah, E. O (2017). Impact of Crude Oil Revenue (COR) On Economic Growth in Nigeria (1960-2010), Journal of Humanities and Social Science (IOSR JHSS) http://www.iosrjournals.org/iosr-jhss/papers/Vol.%2022%20Issue7/Version-15/L2207158599.pdf
[15]	ODULARU Gbadebo Olusegun (2008). Crude Oil and the Nigerian Economic Performance. Department of Economics and Development Studies, College of Business and Social Sciences, Covenant University, PMB 1023, Km 10 Idiroko Road, Ota, Ogun State, Nigeria.
[16]	Okafor, R. G. (2012). Tax revenue generation and Nigerian economic development. European Journal of Business and Management, 4 (19), 49–56.
[17]	Oladipo, S. O., & Fabayo, J. O. (2012). Global recession, oil sector and economic growth in Nigeria. Asian Transactions on Basic and Applied Sciences, 1 (6).
[18]	Onaolapo, A. A., Aworemi, R. J. & Ajala, O. A. (2013). Assessment of value added tax and its effects on revenue generation in Nigeria. International Journal of Business and Social Science, 4 (1), 220–225.
[19]	Salawu, R. O (2005). Essentials of Public Finance, Obafemi Awolowo University Press Ltd, Ile-Ife, Nigeria Pp 34 – 38.

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Abdullahi Saidu Maikano. (2022). Government Revenue and Economic Performance of Nigerian Economy (2000 – 2019). Journal of Finance and Accounting, 10(1), 25-29. https://doi.org/10.11648/j.jfa.20221001.13

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Abdullahi Saidu Maikano. Government Revenue and Economic Performance of Nigerian Economy (2000 – 2019). J. Finance Account. 2022, 10(1), 25-29. doi: 10.11648/j.jfa.20221001.13

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Abdullahi Saidu Maikano. Government Revenue and Economic Performance of Nigerian Economy (2000 – 2019). J Finance Account. 2022;10(1):25-29. doi: 10.11648/j.jfa.20221001.13

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@article{10.11648/j.jfa.20221001.13,
  author = {Abdullahi Saidu Maikano},
  title = {Government Revenue and Economic Performance of Nigerian Economy (2000 – 2019)},
  journal = {Journal of Finance and Accounting},
  volume = {10},
  number = {1},
  pages = {25-29},
  doi = {10.11648/j.jfa.20221001.13},
  url = {https://doi.org/10.11648/j.jfa.20221001.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jfa.20221001.13},
  abstract = {The government of Nigeria has of recent encountered dwindling revenue generation due to the global economic crisis and COVID-19 pandemic, thus making it difficult for the government to finance its expenditures and subsequently not achieving the desired economic growth. This paper therefore examined the correlation between government revenue and economic performance of the Nigerian economy. The paper employed a mix of descriptive cum historical approach. Time series data spanning 2000 - 2019 were obtained and used. The sources of data were the Central Bank of Nigeria (CBN), National Bureau of Statistics (NBS) and Federal Ministry of Finance. Data were subjected to analysis and testing by means of Ordinary Least Square (OLS) multiple regression technique. Results revealed that significant positive relationship exists between the explanatory variables and explained variable. Arising from the findings, the paper made recommendations which include, among others, government’s intensification of its policy of economic diversification from the oil sector to non-oil sectors so as to increase and sustain non-oil revenue; formulate enabling tax policy that will increase tax revenue as well as strengthening the anti-corruption institutions with a view to alleviating corruption which constitute monumental leakages in the revenue generation process.},
 year = {2022}
}

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TY  - JOUR
T1  - Government Revenue and Economic Performance of Nigerian Economy (2000 – 2019)
AU  - Abdullahi Saidu Maikano
Y1  - 2022/01/18
PY  - 2022
N1  - https://doi.org/10.11648/j.jfa.20221001.13
DO  - 10.11648/j.jfa.20221001.13
T2  - Journal of Finance and Accounting
JF  - Journal of Finance and Accounting
JO  - Journal of Finance and Accounting
SP  - 25
EP  - 29
PB  - Science Publishing Group
SN  - 2330-7323
UR  - https://doi.org/10.11648/j.jfa.20221001.13
AB  - The government of Nigeria has of recent encountered dwindling revenue generation due to the global economic crisis and COVID-19 pandemic, thus making it difficult for the government to finance its expenditures and subsequently not achieving the desired economic growth. This paper therefore examined the correlation between government revenue and economic performance of the Nigerian economy. The paper employed a mix of descriptive cum historical approach. Time series data spanning 2000 - 2019 were obtained and used. The sources of data were the Central Bank of Nigeria (CBN), National Bureau of Statistics (NBS) and Federal Ministry of Finance. Data were subjected to analysis and testing by means of Ordinary Least Square (OLS) multiple regression technique. Results revealed that significant positive relationship exists between the explanatory variables and explained variable. Arising from the findings, the paper made recommendations which include, among others, government’s intensification of its policy of economic diversification from the oil sector to non-oil sectors so as to increase and sustain non-oil revenue; formulate enabling tax policy that will increase tax revenue as well as strengthening the anti-corruption institutions with a view to alleviating corruption which constitute monumental leakages in the revenue generation process.
VL  - 10
IS  - 1
ER  -

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Author Information

Abdullahi Saidu Maikano

Department of Accounting, Esfam Benin University, Porto Novo, Benin

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APA Style

Abdullahi Saidu Maikano. (2022). Government Revenue and Economic Performance of Nigerian Economy (2000 – 2019). Journal of Finance and Accounting, 10(1), 25-29. https://doi.org/10.11648/j.jfa.20221001.13

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ACS Style

Abdullahi Saidu Maikano. Government Revenue and Economic Performance of Nigerian Economy (2000 – 2019). J. Finance Account. 2022, 10(1), 25-29. doi: 10.11648/j.jfa.20221001.13

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AMA Style

Abdullahi Saidu Maikano. Government Revenue and Economic Performance of Nigerian Economy (2000 – 2019). J Finance Account. 2022;10(1):25-29. doi: 10.11648/j.jfa.20221001.13

Copy | Download

@article{10.11648/j.jfa.20221001.13,
  author = {Abdullahi Saidu Maikano},
  title = {Government Revenue and Economic Performance of Nigerian Economy (2000 – 2019)},
  journal = {Journal of Finance and Accounting},
  volume = {10},
  number = {1},
  pages = {25-29},
  doi = {10.11648/j.jfa.20221001.13},
  url = {https://doi.org/10.11648/j.jfa.20221001.13},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jfa.20221001.13},
  abstract = {The government of Nigeria has of recent encountered dwindling revenue generation due to the global economic crisis and COVID-19 pandemic, thus making it difficult for the government to finance its expenditures and subsequently not achieving the desired economic growth. This paper therefore examined the correlation between government revenue and economic performance of the Nigerian economy. The paper employed a mix of descriptive cum historical approach. Time series data spanning 2000 - 2019 were obtained and used. The sources of data were the Central Bank of Nigeria (CBN), National Bureau of Statistics (NBS) and Federal Ministry of Finance. Data were subjected to analysis and testing by means of Ordinary Least Square (OLS) multiple regression technique. Results revealed that significant positive relationship exists between the explanatory variables and explained variable. Arising from the findings, the paper made recommendations which include, among others, government’s intensification of its policy of economic diversification from the oil sector to non-oil sectors so as to increase and sustain non-oil revenue; formulate enabling tax policy that will increase tax revenue as well as strengthening the anti-corruption institutions with a view to alleviating corruption which constitute monumental leakages in the revenue generation process.},
 year = {2022}
}

Copy | Download

TY  - JOUR
T1  - Government Revenue and Economic Performance of Nigerian Economy (2000 – 2019)
AU  - Abdullahi Saidu Maikano
Y1  - 2022/01/18
PY  - 2022
N1  - https://doi.org/10.11648/j.jfa.20221001.13
DO  - 10.11648/j.jfa.20221001.13
T2  - Journal of Finance and Accounting
JF  - Journal of Finance and Accounting
JO  - Journal of Finance and Accounting
SP  - 25
EP  - 29
PB  - Science Publishing Group
SN  - 2330-7323
UR  - https://doi.org/10.11648/j.jfa.20221001.13
AB  - The government of Nigeria has of recent encountered dwindling revenue generation due to the global economic crisis and COVID-19 pandemic, thus making it difficult for the government to finance its expenditures and subsequently not achieving the desired economic growth. This paper therefore examined the correlation between government revenue and economic performance of the Nigerian economy. The paper employed a mix of descriptive cum historical approach. Time series data spanning 2000 - 2019 were obtained and used. The sources of data were the Central Bank of Nigeria (CBN), National Bureau of Statistics (NBS) and Federal Ministry of Finance. Data were subjected to analysis and testing by means of Ordinary Least Square (OLS) multiple regression technique. Results revealed that significant positive relationship exists between the explanatory variables and explained variable. Arising from the findings, the paper made recommendations which include, among others, government’s intensification of its policy of economic diversification from the oil sector to non-oil sectors so as to increase and sustain non-oil revenue; formulate enabling tax policy that will increase tax revenue as well as strengthening the anti-corruption institutions with a view to alleviating corruption which constitute monumental leakages in the revenue generation process.
VL  - 10
IS  - 1
ER  -

Copy | Download