Output Of The Nigerian Tax System: 1970–1990
Simply no RP_067, Exploration Papers from African Economical Research Consortium
Abstract: Offered the negative impact of persistent unsustainable fiscal loss on the Nigerianeconomy, there is now a consensus amongst interested parties on the ought to address the problem effectively. The literature suggests theree methods for this purpose: increasein revenue, reduction in expenditure, or possibly a continuation of both. A great appraisal of the budgetary method in Nigeria shows that twelve-monthly expenditure plans are always anchored on expected revenue, as a result the accuracy and reliability of earnings projection is known as a necessary condition for devising an appropriate platform for money deficit management in Nigeria. This examine, therefore , assess the production of the taxes system intended for the period 1970- 1999 to devise a fairly accurate estimation of Nigeria's sustainable income profile. This will likely assist in the style of an appropriate expenditure profile as a method of preventing the continual unsustainable financial deficit in the area. Overall, the study reports an effective level of output of the tax system. Although the advent of the oil increase, encouraged some laxity in the management of non-oil revenue sources, this is rectified to a reasonable degree with the start of the strength adjustment program. The study proves that the current revenue profile is sustainable, with tiny prospectfor significant improvement in the short run. It also suggests that a significant reduction in general public expenditure and prudent administration of financial solutions are the many feasible approaches to the problem of unsustainable monetary deficit in Nigeria. Finally, the report underscores the urgent need for the improvement from the tax details system to improve the evaluation of the functionality of the Nigerian tax system and assist in adequate macroeconomic planning and implementation.
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