A CRITICAL APPRAISAL OF TAXATION AS AN INSTRUMENT OF ECONOMIC GROWTH IN NIGERIA

ABSTRACT
The study set
out to critically appraise taxation as an instrument of economic growth in
Nigeria. Taxation was been neglected in Nigeria by various government in power
after the discovery of oil. However, the subject was beginning to attract more
attention from the government because of the volatility of oil prices, the
agitation of oil producing states to control their resources and the felt need
to diversify the nations economy. The unpredictable fluctuation in petroleum
price which has continue to result into low accruable income needed to
facilitate economic  growth and
development.  Hence, the three levels of
government are now constrained to revitalize their tax system either by
modifying the existing tax laws or introducing new ones. Though, tax is seen as
a punitive instrument by some certain class but is a veritable tool employed by
the developed nation to accelerate their economic growth.
The study was
limited to 10 years of data which was gathered from secondary sources and the
ordinary least square analysis method was used to test the reliability and
validity of data collected. It was also used to determine the relationship that
exist between the variables used during the course of the study.

However, from the research findings, it was
concluded that there  exist a significant
relationship between taxation and economic growth of Nigeria and also
significant relationship between taxation and revenue generation in Nigeria.
Finally, it is hope that better tax structure should be put in place to ensure
effective execution of the various tax Acts that will lead to rapid economic
stability and growth of the nation.

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