TAXATION AS AN ALTERNATIVE TO DWINDLING OIL REVENUE IN NIGERIA
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TAXATION AS AN ALTERNATIVE TO DWINDLING OIL REVENUE IN NIGERIA
TAXATION AS AN ALTERNATIVE TO DWINDLING OIL REVENUE IN NIGERIA
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.
Taxation is a means of generating
revenue by government for the purpose of providing social services to the
people (Okauru, 2014). Taxation all over the world is a function of reciprocity
(Okauru, 2014). While the government owes it as a duty to empower the citizens
by providing jobs, infrastructure and other development projects, the citizens
are usually expected to reciprocate by performing their own obligations,
principal of which is payment of taxes (Okauru, 2014). Revenue generated from
citizen’s taxes is usually recycled by the state (government) in the area of
provision of basic amenities such as water, roads, electricity, schools, among
others (Okauru, 2014).
The
new reality considering the present situation in Nigeria is that governments at
all levels have to raise the bar by embarking on an aggressive tax drive,
considering the dwindling revenue profile arising from the fall in oil prices
(Dike, 2015). Therefore, Nigerians have to come to terms with the present
reality. Taxes come in various forms, ranging from personal income tax, value
added tax and companies income tax, among others. To bridge the yawning gap in
revenue accruals, there arose the need for government to embark on aggressive
taxation which is the most recognized and plausible means of generating revenue
for social services across the globe.
The Vanguard of December 15th, 2015 indicates that revenue accruable
from value added tax from March to June 2015 came to about N376 billion, but
this figure has doubled since July till December. The reason of course can be
attributed to the Federal Government’s commitment towards diversification of
revenue sources. With aggressive tax laws and enforcement, there is no doubt
that Nigeria can withstand the shocks of the uncertainties in the oil market.
What this means is that there will be more revenue available for the government
to cater for the needs of the Nigeria people. This is the best time in our
history for Nigerians to embrace the tax system. By this, Nigerians can be
involved in the contributory social contract by paying their taxes regularly.
TAXATION AS AN ALTERNATIVE TO DWINDLING OIL REVENUE IN NIGERIA
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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... accounting project topics
TAXATION AS AN ALTERNATIVE TO DWINDLING OIL REVENUE IN NIGERIA