EFFECT OF PUBLIC REVENUE ON THE NIGERIA ECONOMIC GROWTH

The problems with the Nigerian economy have been traced to the failure of successive governments to use public revenue effectively in developing sectors of the economy. The study examined the effect of public revenue on Nigeria's economic growth. The study employed a time series of data spanning thirty-two (32) years, 1990-2021. The independent variables under consideration for this study were petroleum profit tax and non-oil tax, while the dependent variable was measured using Gross Domestic Product (GDP). The study adopted the ex-post-facto research design. Secondary data used in the study was sourced from the CBN annual statistical bulletin for relevant years. Descriptive statistics, the Augmented Dickey-Fuller Test (ADF) and the autoregressive distributed lag (ARDL) regression techniques were the main statistical methods used to analyse the data with the help of the E-view 12 statistical package. The finding of this study revealed that petroleum profit tax has no significant effect on Nigeria's economic growth, and non-oil tax also has no significant effect on Nigeria's economic growth. It is therefore concluded that public revenue positively influences Nigeria's economic growth. Therefore, the study recommended that the federal government of Nigeria create an enabling environment that will enhance the effective collection of the total tax revenue accruable from the oil industry. Such measures include a speedy passage and implementation of the Petroleum Industrial Bill and curbing corruption inherent in the petroleum industry