PETROLEUM PROFIT TAX ADMINISTRATION IN NIGERIA: AN EMPIRICAL EVALUATION
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Abstract
This study investigates the Petroleum Profit Tax Administration in Nigerian: an empirical evidence for the period 2004 to 2008. Thus three research questions and objectives were formulated, two hypotheses were formulated to test the significant level we use the gross domestic product (GDP), Total Tax Revenue (TTR), and expected development (ED) as the explanatory variables. The sample covers all the economic sectors of the country, including the oil sector and the non-oil sector. This study used primary and secondary data from Central Bank of Nigeria’s Statistical Bulletin, Nigerian National Bureau of Statistics, and the Nigerian national Petroleum Corporation. Simple regressions models and Statistical Package for Social Sciences were used in this study to evaluate the data collected. The results show that Petroleum Profit Tax has a positive and significant relationship with GDP and TTR. Based on these findings, this study concludes that petroleum profit tax has positively and significantly impacted the Nigerian economy when measured by GDP and TTR for the period 2004 to 2008. This study therefore suggests that the effect of petroleum profit tax on the Nigerian economy was positive for the period reviewed. The petroleum sector in Nigeria should be well coordinated and encouraged to grow so that more revenue should accrue to it. It is hoped that increased income through petroleum will enhance tax payment from that sector.
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