Government Revenue Profile and Economic Growth in Nigeria (1981 - 2015)
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Date
2017
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Publisher
Science Arena Publications Specialty Journal of Accounting and Economics
Abstract
The study ascertained the extent the accrued revenue generation has enhanced economic growth
in Nigeria from 1981 to 2015. Secondary data sourced from Central Bank of Nigeria (CBN)’s Statistical
Bulletin and National Bureau of Statistics (NBS) on such variables like real gross domestic product; oil
revenue; non-oil revenue; labour force; social and economic services expenditure during the period were
made use of. The collected data were analyzed using appropriate descriptive and inferential statistics like
regression analysis and time series using E-views 9 statistical package. The Autoregressive Distributed Lag
(ARDL) Model approach was adopted to consider the long run elasticity as well as the short dynamics among
the variables of interest. The result of the analysis showed that labour force has a positive impact on
economic growth in Nigeria during the time and there exist a significant positive relationship between oil
revenue and economic growth in Nigeria. The gross fixed capital formation was found to be positively related
to economic growth and the social and community services expenditure has a positive effect on the Nigerian
economy. The non-oil revenue that was found to be negatively related to economic growth but not
statistically significant implied possible leakages during the period. The study found that a positive
relationship existed between oil revenue and economic growth in Nigeria while it was negative for the nonoil revenue between 1981 and 2015. Therefore, the study concluded that the accrued revenue had positive
significant impact on economic growth of Nigeria
Description
Keywords
Economic growth, Developing countries, Human development index, Human poverty index, Infrastructure, Non-oil revenue, Poverty trap, Public revenues