PERFORMANCE AND POTENTIALS OF TAXATION AS AN ALTERNATIVE TO DWINDLING OIL REVENUE IN NIGERIA: A TREND ANALYSIS 2010 -2022
Abdurrahman Umar , Sani Damamisau Mohammed , Mustapha Olaoluwa Yusuf, Balikis Sallau Olamide , Kawthar Moshuud Olamide and Nura Alhaji Suleiman
Volume 4 Issue 1
Abstract
This study evaluates the performances and potentials of revenues from taxation as an alternative to dwindling revenues from oil and gas. To achieve the aim of the study secondary data on revenues from oil and gas, revenues from taxation and total revenues are collected from the data base of the Organization for Economic Cooperation and Development and Federal Inland Revenue Service. Collected data was analyzed using descriptive statistical tools of tables, figures, and percentages while the study is guided by the triangulation of public policy analytical framework and optimal tax theory. Result from the study revealed that revenue from taxation is dominant in 10 out of 13 covered by the study and accounts for 55% of total revenue collected 2010-2022; therefore, taxation portend to be an alternative to dwindling and uncertain oil and gas revenues. Similarly, based on its performances, increasing population, growth in number of micro, small and medium enterprises and corporations, taxation present an alternative to oil and gas revenues in Nigeria. The policy implications of these findings are the need for government to strengthen tax administration most especially leveraging on global best practices of digitization and for citizens to be committed to tax compliance. Key Words: Oil and Gas Revenue, Taxation, Alternative, Public Policy Analysis, Optimal Taxation Theory
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