TAXATION AS AN ALTERNATIVE TO DWINDLING OIL REVENUE IN NIGERIA . A RESEARCH PROJECT MATERIAL ON BANKING AND FINANCE
ABSTRACT
The study examine impact taxation as an alternative to dwindling oil revenue in Nigeria, the study has the following objectives, To examine taxation as an alternative to dwindling oil revenue in Nigeria, To examine the effect of taxation on the taxation economy and development in general, To examine the effectiveness of the institutional framework for the collection and enforcement of tax duties. Concerning methodology for this study, data was obtained from primary source that is questionnaire and secondary source which include text books, journals. Data collected were analyzed using frequencies and percentages which enabled the researcher to clearly represent true data characteristics and findings with a great deal of accuracy. Interpretation and analysis of data was also used to describe items in tables and charts used for this study. Also, chi-square method was used to test the hypotheses developed. The sample size of this study consists of thirty-two (32) respondents. Since the population for the study was not large, and data could be collected from all the respondents, the researcher adopted the census sampling technique to successfully complete the study. All 32 respondents were used for this study.
The study has the following findings; Most Nigerians do not pay tax in Nigeria. Effective taxation can improve the revenue base of the nation. Taxation can serve as an alternative to dwindling oil revenue in Nigeria. There should be an effective framework for the enforcement of tax duties in Nigeria.This will educate the government of Nigeria and the general public on the effectiveness of the institutional framework saddled with the responsibility of collection and enforcement of tax duties.
This research will be a contribution to the body of literature in the area of the effect of personality trait on student’s academic performance, thereby constituting the empirical literature for future research in the subject area.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY
Nigeria is currently not enjoying the best of times. The country is presently suffering the adverse effects of the dwindling revenue from crude oil and gas sector, which today accounts for about 95 percent of its revenue.The fallen price of crude at the world market has orchestrated the devaluation of the Naira and increased inflation.The manufacturing and other productive sectors are worst hit because, as the country is highly import dependent, they find it extremely difficult to bring in raw materials, especially now that the central bank has closed its auction market window. The dollar is expensive to procure at the interbank window and the black market.More worrisome was the need for government to review its 2015 fiscal policy by slashing the benchmark of oil, in the 2015 budget from $120 to $75, and now to $53. The implication of the budget review may not manifest now (Vanguard, 2015). It may result to a scale down in capital and recurrent spending. That alone can translate to a reduction in money in circulation.
Looking at what this portends for the nation should this trend continue unchecked, experts have called on the government not to fold its hands, but to explore other potential sources of revenue through the diversification of the nation’s economy (Dike, 2015). While some urged the government to redirect its focus to the agriculture sector, others asked the government to explore the numerous mineral resources for alternative source of income. Yet, few others said Nigeria, like many other advanced countries, can rely on tax revenue for survival. However this study is examining taxation as an alternative to the dwindling oil revenue in Nigeria.
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