The Impact of Taxation on the Economic and Social Development in Nigeria

The Impact of Taxation on the Economic and Social Development in Nigeria.

ABSTRACT

This research work focuses on the impact of Taxation on the economic and social development in Nigeria.  Using secondary data gotten from the CBN statistical bulletin with the help of regression as a statistical tool, we analyzed the postulated hypothesis which dwelt on the relationship that exist between taxation and Economic and social development in Nigeria. It was discovered that taxation has a positive relationship with the economic and social development in Nigeria.

The researcher then recommends a well defined policy for inter governmental collaboration, co-operation and co-ordination between different tiers and agencies of government, awareness on the tax payers on the role of taxation in the economic and social development in Nigeria should be created and has been created in this research work. Efforts should also be made by the government to ensure they channel revenue from taxation towards socio-economic activities that will benefit the tax payers. 

INTRODUCTION

The world we live in presents a picture of appalling contrasts. Some Countries are immensely prosperous, nearly two-thirds of the population of the world subsists on sub- standard incomes.

Some Countries of the world are considered as developed and others developing, underdeveloped, or less developed with characteristics including illiteracy, inadequate housing and infrastructural facilitates, lack of medical care, malnutrition, unemployment and low levels of technology.

Nigeria is the most populous Nation in Africa and the  11th in the world and is also endowed with vast human and natural resources but unfortunately, Nigeria is also one of the Nations regarded as underdeveloped or developing. According to Udabah (2000:1) “the fundamental challenge facing counties like Nigeria is in the transformation of their economic or economic structures from an underdeveloped to a developed status”.

This entails the development of their economic wealth for the well-being of their citizens and the formation of social structures in a manner which improves their capacity to fulfill their aspirations.

REFERENCES 

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Mamud Y, (1997) Taxation system in Nigeria Lagos: Macmillan Publishing

Orijh           J.            (2001)         Financial          Management    Vol 11           Enugu: splahmedia Organization

Okpe, I. (1998), Personal income tax in Nigeria, Enugu: New Generation Books

StudentsandScholarship Team.