EFFECT OF FEDERALLY COLLECTED REVENUE ON ECONOMIC GROWTH OF NIGERIA

Abstract

This study investigated “Effect of Federally Collected Revenue on Economic growth in Nigeria” between 2009 and 2018 was examined in this study. Secondary data from quarterly economic report of Central Bank of Nigeria (CBN) was used in this study. Multiple regression analysis was used in analyzing the data of this study. Findings from the analysis revealed that that there is a positive and strong correlation between Crude Oil and Gas revenue(COILGAS), Value Added tax(VAT), Company Income Tax(CIT), Custom Excise Duty (CED) and Economic growth of Nigeria. This study recommends diversification into areas like mining and agriculture will go a long way of protecting the country and efforts should also be geared towards expanding the revenue base of the country by expanding the tax net to include all areas that has not being covered.