This study examined the effect of government economic expenditure on growth in Nigeria. Specifica... more This study examined the effect of government economic expenditure on growth in Nigeria. Specifically, the study examined the combined effects of Government economic expenditure on health, education, transportation, and construction, and gross fixed capital formation on growth. This study adopted an ex post facto research design. Time series data were collected from the Nigerian Bureau of Statistics (NBS) and the Central Bank of Nigeria; covering the period 1981-2022. The Real Gross Domestic Product was used to measure economic growth. The ARDL model was adopted to test the hypotheses after other time series assumptions were met. The result showed that in the short-run, government expenditure on health was found to be significant though negatively related to growth while government expenditures on education, gross fixed capital formation, and transport and construction were all insignificant in relation to economic growth. Similarly, in the long run, government expenditure on health showed a significant relationship to economic growth while the other explanatory variables; government expenditure on education, gross fixed capital formation, and government expenditure on transport and construction were insignificant in explaining the nexus between government economic expenditure and economic growth in Nigeria. The study conclude that the development of the health sector enhances economic growth and development; because poor health facilities have many microeconomic and macroeconomic implications for the government, society, and individuals. Thus, the paper recommends that the government should allocate more funds towards developing the health sector through an increase in budgetary allocation to enhance economic growth in Nigeria.
African Journal of Management and Business Research, 2023
The study exploits the effect of public administrative and social spending on economic growth in ... more The study exploits the effect of public administrative and social spending on economic growth in Nigeria as moderated by monetary policy rate. This study adopts the ex post facto research design and collected data from the CBN and National Bureau of Statistics over the period 1986 to 2022 culminating in thirty-six (36) years. The study conducted the unit root test using the Augmented Dickey-Fuller test and found all variables to be stationary at levelwhich denotes that there will not be any spurious result in the study. From the analysis, the study found that there is an existence of an equilibrium relationship among the variables and over 98% of disequilibrium can be corrected over a year. From the OLS, the study found that the monetary policy rate has a significant moderating effect on the relationship between government administrative expenditure and economic growth in Nigeria. On the other hand, the study found that the monetary policy rate has a non-significant moderating effect on the relationship between public social expenditure and economic growth in Nigeria. The study concludes that the monetary authority should be sensitive in directing its policies such as interest rates because they indirectly impact government expenditures that can propel economic growth. The study recommends that the monetary authority use an expansionary monetary policy to reduce interest rates and encourage more investment, stimulating economic growth in Nigeria.
Journal of economics and sustainable development, 2017
Treasury Single Account (TSA) policy in Nigeria is a government accounting system under which all... more Treasury Single Account (TSA) policy in Nigeria is a government accounting system under which all government revenue receipts and income from Federal Government’s Ministries, Departments and Agencies (MDAs) are collected into one single account, usually maintained by the Central Bank of Nigeria and all payments done through this account as well in order to enhance accountability of government revenue; transparency and avoid misapplication of public funds. The implementation of TSA policy in Nigeria has generated mixed reactions on it effect on Federal Government’s Ministries, Departments and Agencies (MDAs). Based on the foregoing, the study assessed the effects of TSA on Federal Government’s Ministries, Departments and Agencies (MDAs). To achieve the objective of the study, primary and secondary sources of data were used. Questionnaires were used for the collection of primary data. A sample size of 150 was purposively drawn from the study population which comprises of Federal Gover...
International Journal of Management Science and Entrepreneurship, Vol.11 (5) (June) Pp 15-37, 2018
Companies around the world are working to increase transparency in their financial reporting. Ext... more Companies around the world are working to increase transparency in their financial reporting. Extensible Business Reporting Language (XBRL) is an XML-based vocabulary for electronic transmission of business and financial data. XBRL was developed to facilitate business intelligence (BI) automation by enabling machine-to-machine communication and data processing for financial information with an eye towards cost reduction through the elimination of time consuming and errorprone human interaction. XBRL tags increase the speed of data integration and exchange, while at the same time eliminating data redundancy and quality issues. Over the years there has been global concerned for availability and accessibility of financial data, relevancy, comparability and accuracy in relation to enhancement of the decision making. Official support from European Parliament and a mandate from the United States Securities and Exchange Commission (SEC) have all promoted XBRL future as the official standard for financial reporting. The paper objective is focused on assessment of effect of XBRL adoption on business organizations performance and financial reporting. The methodology is based on the systematic literature review approach and exploratory research design. The paper revealed that XBRL enhanced: audit process, streamlined processes for collecting, comparing and reporting financial information, reduced costs, improved financial communication and transparency, increased data accuracy, direct comparability, multi languages and accounting standards support, improved risk management and control, ease of maintenance, faster, more reliable and extended scope of analysis capabilities for better decision making. There is active collaboration between IASB and XBRL International; also the adoption of XBRL is associated with challenges such as high cost implications for software's and human capacity building. The paper concluded that XBRL gives business organizations across any industry enormous opportunities for creating fully scalable integrated solutions for financial reporting and analysis to make this data available in real-time to reporting entities, stockholders, trading partners, subsidiaries and parent companies, and internally within organizations. Hence the benefits of adoption outweighed the cost implication as such it adoption should be pursue by Nigeria as a nation in particular and all countries of the world at large.
ADSU Journal of Economics and interrelated Disciplines, Vol.1 (1) (March) Pp 83-96, 2016
Treasury Single Account is a tool for effective management of government's finances, banking and ... more Treasury Single Account is a tool for effective management of government's finances, banking and cash position. It is a pool that unifies all government accounts through a single treasury account, usually maintained by the Central Bank of Nigeria; to enhance accountability of public funds and transparency. The implementation of TSA by the current administration has generated a lot of worries and anxieties on job losses and squeezing of the credit market. Stakeholders in the Nigerian economy have reacted at various platforms on the introduction and implementation of TSA policy thrust with variations of posits. Based on the foregoing, the study assessed the impact and implication of TSA on Nigerian economy. To achieve the objective of the study, primary and secondary sources of data were used. Questionnaires were used for the collection of primary data. A sample size of 150 was purposively drawn from the study population which comprises of commercial banks staff, Federal Government's Ministries, Departments and Agencies (MDAs) and Nigeria citizens. Descriptive statistic (percentages) and Chi-square (X 2) analytical technique were utilized in the analyses of data and test of hypotheses. The calculated Chi-square (X 2) results for hypothesis one (Ho1: Treasury Single Account has no significant benefits to Nigeria economy) and two (Ho2: Treasury Single Account has no significant implications on Nigeria economy) shows; X 2 10.71, X 2 24.14 respectively and the table X 2 value at 5% level of significance was 2.733.The results show that Treasury Single Account has significance benefits to Nigerian economy and the benefits among others are; it will facilitates regular monitoring of government cash balances, enhance accountability and transparency in public sectors and help to check corruption in public sectors. The study result also shows that the TSA has implication on Nigeria economy; such as commercial banks liquidity reduction and losses of job. The study recommended among others that TSA should be embrace by all levels of governments and stakeholders and monetary, fiscal and budgetary policies should be use by the government to cushion the implications of TSA on Nigerian economy. The study concludes that the introduction and implementation of TSA policy is timely and is a step in the right direction because of significance benefits to Nigeria Economy and should be embrace by Nigerians and all spheres of governments. And that the policy thrust has its shortcomings and if noticed, it's should be address to enhance its effectiveness, efficiency and continued relevance.
. International Journal of Management Science and Entrepreneurship, Vol.2 (5) (February) Pp 56-84 , 2016
Treasury Single Account (TSA) is a public accounting system under which all government revenue re... more Treasury Single Account (TSA) is a public accounting system under which all government revenue receipts and incomes are collected into one single account, usually maintained by the Central Bank of Nigeria and all payments done through this account as well; to enhance accountability of public funds and transparency. And there is societal anxieties on it success and sustainability which is hinge on TSA stakeholders' role in the policy drive. Based on the foregoing; the study assessed TSA stakeholders' policy drive capacity. To achieve the objective of the study, primary and secondary sources of data were used. Questionnaires were used for the collection of primary data. A sample size of 150 was purposively drawn from the study population. Descriptive statistic was utilized in the analyses of data. The results show that there is need for publication of TSA operational manual and that Stakeholders are not adequately trained to properly key in into the policy drive. The study recommended that there should be publication of TSA operational manual and adequate training should be given to stakeholders' to enhance stakeholders' policy drive capacity. The study concludes that TSA policy should be embrace by Nigerians and Stakeholders should work towards actualization of it objectives.
ADSU Journal of Accounting Research (AJAR), Vol.3 (1& 2) (December) Pp 70-79, 2014
The Monolithic nature of the Nigerian economy and the instability of international crude oil mar... more The Monolithic nature of the Nigerian economy and the instability of international crude oil market prices in recent time expose the vulnerability of the Nigerian economy. This has, arisen a need to diversify the revenue base of the country to incorporate non-oil sources such as taxation. Taxation is now globally recognized as the only practical source of sustainable revenue to finance government expenditures. Taxation is one of the most important sources of government in terms of certainty and consistency. However, the tendency of taxpayers evading taxes may affect the revenue base of the government. This study assessed the impact of tax evasion on revenue generation in Cross River State, Nigeria and factors responsible for tax evasion in Cross River State. Data were generated through questionnaires administered on 211 respondents consisting of taxpayers (tax payers from the formal and informer sector of the economy) and tax officials. Descriptive statistic and one-sample kolmogorov-smirnov test were utilized to analyze the data using SPSS version 17.0. The result shows that tax evasion has significant negative impact on revenue generation in Cross River State and there factors responsible for tax evasion in Cross River State such as corruption in public offices and inadequate tax education and awareness. The study concludes that sufficient revenue generation is important to the enhancement of sustainable development not only in Cross River State but Nigeria at large. The study recommends that government should put in place measures that will reduce tax evasion therefore enhance revenue generation in the State. These measures should be adopted, identification of taxable persons both in the formal and informal sectors and their incomes, and building of a data base. This will prevent revenue officers from colluding with tax payers to evade tax. Also, tax consultants should be engaged to monitor the collection of taxes in the state.
Key Words: Revenue Generation, Tax Evasion, Sustainable development
. International Journal of Management Science and Entrepreneurship, Vol.2 (5) (March) Pp 10-21, 2016
Abstract
Financial drought and crippling insolvency in many states has led to unprecedented press... more Abstract Financial drought and crippling insolvency in many states has led to unprecedented pressure and severe challenges paying workers salaries obligation, increasing cost of governance and infrastructural development in many states in Nigeria, Cross River state inclusive; a problem which had been contended to have emanated from reduction in federal allocations and poor revenue generation. The study assessed States Revenue Generation Challenges in Nigeria. To achieve the objectives of the study, primary data were generated through questionnaires. A sample size of 211 was drawn from the study population of 436. Descriptive statistic was utilized to analyze the data. The study result shows among others that corruption, poor accountability and tax evasion are challenges militating against revenue generation in Cross River State. The study concludes that revenue generation is a matter of paramount importance for any meaningful development to take place in the state and there is need for government to put in place palliative measures that will control challenges’ militating against revenue generation in the State. Therefore, the study recommends that government should put in place measures that will enhance blockage of revenue leakages that militate against revenue generation in Cross River State and facilitate sustainable revenue generation in the state.
Key words: Revenue, Revenue Generation and Challenges
Second International Academic Conference on Accounting and Finance Issues in Emerging Market-Lagos Airport Hotel, Ikeja: Institute of Chartered Accountants of Nigeria (ICAN), Pp 23, 2016
Treasury Single Account (TSA) policy in Nigeria is a government accounting system under which all... more Treasury Single Account (TSA) policy in Nigeria is a government accounting system under which all government revenue receipts and income from Federal Government's Ministries, Departments and Agencies (MDAs) are collected into one single account, usually maintained by the Central Bank of Nigeria and all payments done through this account as well in order to enhance accountability of government revenue; transparency and avoid misapplication of public funds. The implementation of TSA policy in Nigeria has generated mixed reactions on it effect on Federal Government's Ministries, Departments and Agencies (MDAs). Based on the foregoing, the study assessed the effects of TSA on Federal Government's Ministries, Departments and Agencies (MDAs). To achieve the objective of the study, primary and secondary sources of data were used. Questionnaires were used for the collection of primary data. A sample size of 150 was purposively drawn from the study population which comprises of Federal Government's Ministries, Departments and Agencies (MDAs. Descriptive statistic (percentages) and Chi-square (X 2) analytical technique were utilized in the analyses of data and test of hypothesis. The calculated Chi-square (X 2) results for the hypothesis Ho1: Treasury Single Account does not enhance the repositioning of Federal Government's Ministries, Departments and Agencies (MDAs) for sustainable development, shows; X 2 10.71 and the table X 2 value at 5% level of significance was 2.733.The results show that Treasury Single Account has enhanced the repositioning of Federal Government's Ministries, Departments and Agencies (MDAs) for sustainable development. The study results also shows that TSA has enhanced regular monitoring of government cash balances, accountability and transparency, efficient use of government financial resources, probity, reduction of cost of borrowing and help to check corruption in Federal Government's Ministries, Departments and Agencies (MDAs). Also the study shows that MDAs in Nigeria have not been able to adequately used TSA to enhance economic development in Nigeria among others. The study recommended among others that TSA should be embrace by all Government's Ministries, Departments and Agencies (MDAs) at all level of governments; federal, states and local government councils in Nigeria and that MDAs in Nigeria should take advantages of TSA policy implementation to enhance economic development in Nigeria by keying into all aspects of the policy drive and urgently addressing all the shortcoming associated with the policy. The study concluded that TSA is a viable tool that enhanced repositioning of MDAs in Nigeria and as such it should be use to facilitate economic development in Nigeria.
Nigerian Journal of Accounting and Finance, Vol.7 (1&2) Pp 1-17, 2015
Abstract
In Nigeria, states governments are facing financial crises as a result of reduction in g... more Abstract In Nigeria, states governments are facing financial crises as a result of reduction in global oil prices and economic recession; leaving the states governments with the option of adopting strategies to improve the revenue base of states through others sources of revenue to attain the desired development. This study assessed the contribution of Personal Income Tax to Revenue Generated in Cross River State from 2003 to 2012. To achieve the objectives of the study, primary and secondary data were collected from the Cross River State Internal Revenue Service (CRSIRS) and Office of the Accountant General of Cross River State. Descriptive statistics and Ordinary Least Square (OLS) regression analytical technique were utilized in the analyzed which shows; R2 0.63 and DW 1.88. Granger Causality test and Augmented Dickey Fuller (ADF) unit root test were conducted to enhance the validation of the results. The results shows that personal income tax has significant impact on revenue generated in Cross River State and it has the capacity of been the major source of revenue in Cross River State. The study concludes that personal income tax is a source of revenue that can boost the state revenue base; as such there is a need for government to improve revenue generation through personal income tax. Therefore, the study recommends among others that government should expand personal income tax net thereby improving revenue generation through personal income tax and put in place palliative measures such as effective collaboration with stakes that will bring tax payers from the informal sector in to the tax net. Key Words: Personal Income Tax, Revenue Generation and Nigerian Economy
This study examined the effect of government economic expenditure on growth in Nigeria. Specifica... more This study examined the effect of government economic expenditure on growth in Nigeria. Specifically, the study examined the combined effects of Government economic expenditure on health, education, transportation, and construction, and gross fixed capital formation on growth. This study adopted an ex post facto research design. Time series data were collected from the Nigerian Bureau of Statistics (NBS) and the Central Bank of Nigeria; covering the period 1981-2022. The Real Gross Domestic Product was used to measure economic growth. The ARDL model was adopted to test the hypotheses after other time series assumptions were met. The result showed that in the short-run, government expenditure on health was found to be significant though negatively related to growth while government expenditures on education, gross fixed capital formation, and transport and construction were all insignificant in relation to economic growth. Similarly, in the long run, government expenditure on health showed a significant relationship to economic growth while the other explanatory variables; government expenditure on education, gross fixed capital formation, and government expenditure on transport and construction were insignificant in explaining the nexus between government economic expenditure and economic growth in Nigeria. The study conclude that the development of the health sector enhances economic growth and development; because poor health facilities have many microeconomic and macroeconomic implications for the government, society, and individuals. Thus, the paper recommends that the government should allocate more funds towards developing the health sector through an increase in budgetary allocation to enhance economic growth in Nigeria.
African Journal of Management and Business Research, 2023
The study exploits the effect of public administrative and social spending on economic growth in ... more The study exploits the effect of public administrative and social spending on economic growth in Nigeria as moderated by monetary policy rate. This study adopts the ex post facto research design and collected data from the CBN and National Bureau of Statistics over the period 1986 to 2022 culminating in thirty-six (36) years. The study conducted the unit root test using the Augmented Dickey-Fuller test and found all variables to be stationary at levelwhich denotes that there will not be any spurious result in the study. From the analysis, the study found that there is an existence of an equilibrium relationship among the variables and over 98% of disequilibrium can be corrected over a year. From the OLS, the study found that the monetary policy rate has a significant moderating effect on the relationship between government administrative expenditure and economic growth in Nigeria. On the other hand, the study found that the monetary policy rate has a non-significant moderating effect on the relationship between public social expenditure and economic growth in Nigeria. The study concludes that the monetary authority should be sensitive in directing its policies such as interest rates because they indirectly impact government expenditures that can propel economic growth. The study recommends that the monetary authority use an expansionary monetary policy to reduce interest rates and encourage more investment, stimulating economic growth in Nigeria.
Journal of economics and sustainable development, 2017
Treasury Single Account (TSA) policy in Nigeria is a government accounting system under which all... more Treasury Single Account (TSA) policy in Nigeria is a government accounting system under which all government revenue receipts and income from Federal Government’s Ministries, Departments and Agencies (MDAs) are collected into one single account, usually maintained by the Central Bank of Nigeria and all payments done through this account as well in order to enhance accountability of government revenue; transparency and avoid misapplication of public funds. The implementation of TSA policy in Nigeria has generated mixed reactions on it effect on Federal Government’s Ministries, Departments and Agencies (MDAs). Based on the foregoing, the study assessed the effects of TSA on Federal Government’s Ministries, Departments and Agencies (MDAs). To achieve the objective of the study, primary and secondary sources of data were used. Questionnaires were used for the collection of primary data. A sample size of 150 was purposively drawn from the study population which comprises of Federal Gover...
International Journal of Management Science and Entrepreneurship, Vol.11 (5) (June) Pp 15-37, 2018
Companies around the world are working to increase transparency in their financial reporting. Ext... more Companies around the world are working to increase transparency in their financial reporting. Extensible Business Reporting Language (XBRL) is an XML-based vocabulary for electronic transmission of business and financial data. XBRL was developed to facilitate business intelligence (BI) automation by enabling machine-to-machine communication and data processing for financial information with an eye towards cost reduction through the elimination of time consuming and errorprone human interaction. XBRL tags increase the speed of data integration and exchange, while at the same time eliminating data redundancy and quality issues. Over the years there has been global concerned for availability and accessibility of financial data, relevancy, comparability and accuracy in relation to enhancement of the decision making. Official support from European Parliament and a mandate from the United States Securities and Exchange Commission (SEC) have all promoted XBRL future as the official standard for financial reporting. The paper objective is focused on assessment of effect of XBRL adoption on business organizations performance and financial reporting. The methodology is based on the systematic literature review approach and exploratory research design. The paper revealed that XBRL enhanced: audit process, streamlined processes for collecting, comparing and reporting financial information, reduced costs, improved financial communication and transparency, increased data accuracy, direct comparability, multi languages and accounting standards support, improved risk management and control, ease of maintenance, faster, more reliable and extended scope of analysis capabilities for better decision making. There is active collaboration between IASB and XBRL International; also the adoption of XBRL is associated with challenges such as high cost implications for software's and human capacity building. The paper concluded that XBRL gives business organizations across any industry enormous opportunities for creating fully scalable integrated solutions for financial reporting and analysis to make this data available in real-time to reporting entities, stockholders, trading partners, subsidiaries and parent companies, and internally within organizations. Hence the benefits of adoption outweighed the cost implication as such it adoption should be pursue by Nigeria as a nation in particular and all countries of the world at large.
ADSU Journal of Economics and interrelated Disciplines, Vol.1 (1) (March) Pp 83-96, 2016
Treasury Single Account is a tool for effective management of government's finances, banking and ... more Treasury Single Account is a tool for effective management of government's finances, banking and cash position. It is a pool that unifies all government accounts through a single treasury account, usually maintained by the Central Bank of Nigeria; to enhance accountability of public funds and transparency. The implementation of TSA by the current administration has generated a lot of worries and anxieties on job losses and squeezing of the credit market. Stakeholders in the Nigerian economy have reacted at various platforms on the introduction and implementation of TSA policy thrust with variations of posits. Based on the foregoing, the study assessed the impact and implication of TSA on Nigerian economy. To achieve the objective of the study, primary and secondary sources of data were used. Questionnaires were used for the collection of primary data. A sample size of 150 was purposively drawn from the study population which comprises of commercial banks staff, Federal Government's Ministries, Departments and Agencies (MDAs) and Nigeria citizens. Descriptive statistic (percentages) and Chi-square (X 2) analytical technique were utilized in the analyses of data and test of hypotheses. The calculated Chi-square (X 2) results for hypothesis one (Ho1: Treasury Single Account has no significant benefits to Nigeria economy) and two (Ho2: Treasury Single Account has no significant implications on Nigeria economy) shows; X 2 10.71, X 2 24.14 respectively and the table X 2 value at 5% level of significance was 2.733.The results show that Treasury Single Account has significance benefits to Nigerian economy and the benefits among others are; it will facilitates regular monitoring of government cash balances, enhance accountability and transparency in public sectors and help to check corruption in public sectors. The study result also shows that the TSA has implication on Nigeria economy; such as commercial banks liquidity reduction and losses of job. The study recommended among others that TSA should be embrace by all levels of governments and stakeholders and monetary, fiscal and budgetary policies should be use by the government to cushion the implications of TSA on Nigerian economy. The study concludes that the introduction and implementation of TSA policy is timely and is a step in the right direction because of significance benefits to Nigeria Economy and should be embrace by Nigerians and all spheres of governments. And that the policy thrust has its shortcomings and if noticed, it's should be address to enhance its effectiveness, efficiency and continued relevance.
. International Journal of Management Science and Entrepreneurship, Vol.2 (5) (February) Pp 56-84 , 2016
Treasury Single Account (TSA) is a public accounting system under which all government revenue re... more Treasury Single Account (TSA) is a public accounting system under which all government revenue receipts and incomes are collected into one single account, usually maintained by the Central Bank of Nigeria and all payments done through this account as well; to enhance accountability of public funds and transparency. And there is societal anxieties on it success and sustainability which is hinge on TSA stakeholders' role in the policy drive. Based on the foregoing; the study assessed TSA stakeholders' policy drive capacity. To achieve the objective of the study, primary and secondary sources of data were used. Questionnaires were used for the collection of primary data. A sample size of 150 was purposively drawn from the study population. Descriptive statistic was utilized in the analyses of data. The results show that there is need for publication of TSA operational manual and that Stakeholders are not adequately trained to properly key in into the policy drive. The study recommended that there should be publication of TSA operational manual and adequate training should be given to stakeholders' to enhance stakeholders' policy drive capacity. The study concludes that TSA policy should be embrace by Nigerians and Stakeholders should work towards actualization of it objectives.
ADSU Journal of Accounting Research (AJAR), Vol.3 (1& 2) (December) Pp 70-79, 2014
The Monolithic nature of the Nigerian economy and the instability of international crude oil mar... more The Monolithic nature of the Nigerian economy and the instability of international crude oil market prices in recent time expose the vulnerability of the Nigerian economy. This has, arisen a need to diversify the revenue base of the country to incorporate non-oil sources such as taxation. Taxation is now globally recognized as the only practical source of sustainable revenue to finance government expenditures. Taxation is one of the most important sources of government in terms of certainty and consistency. However, the tendency of taxpayers evading taxes may affect the revenue base of the government. This study assessed the impact of tax evasion on revenue generation in Cross River State, Nigeria and factors responsible for tax evasion in Cross River State. Data were generated through questionnaires administered on 211 respondents consisting of taxpayers (tax payers from the formal and informer sector of the economy) and tax officials. Descriptive statistic and one-sample kolmogorov-smirnov test were utilized to analyze the data using SPSS version 17.0. The result shows that tax evasion has significant negative impact on revenue generation in Cross River State and there factors responsible for tax evasion in Cross River State such as corruption in public offices and inadequate tax education and awareness. The study concludes that sufficient revenue generation is important to the enhancement of sustainable development not only in Cross River State but Nigeria at large. The study recommends that government should put in place measures that will reduce tax evasion therefore enhance revenue generation in the State. These measures should be adopted, identification of taxable persons both in the formal and informal sectors and their incomes, and building of a data base. This will prevent revenue officers from colluding with tax payers to evade tax. Also, tax consultants should be engaged to monitor the collection of taxes in the state.
Key Words: Revenue Generation, Tax Evasion, Sustainable development
. International Journal of Management Science and Entrepreneurship, Vol.2 (5) (March) Pp 10-21, 2016
Abstract
Financial drought and crippling insolvency in many states has led to unprecedented press... more Abstract Financial drought and crippling insolvency in many states has led to unprecedented pressure and severe challenges paying workers salaries obligation, increasing cost of governance and infrastructural development in many states in Nigeria, Cross River state inclusive; a problem which had been contended to have emanated from reduction in federal allocations and poor revenue generation. The study assessed States Revenue Generation Challenges in Nigeria. To achieve the objectives of the study, primary data were generated through questionnaires. A sample size of 211 was drawn from the study population of 436. Descriptive statistic was utilized to analyze the data. The study result shows among others that corruption, poor accountability and tax evasion are challenges militating against revenue generation in Cross River State. The study concludes that revenue generation is a matter of paramount importance for any meaningful development to take place in the state and there is need for government to put in place palliative measures that will control challenges’ militating against revenue generation in the State. Therefore, the study recommends that government should put in place measures that will enhance blockage of revenue leakages that militate against revenue generation in Cross River State and facilitate sustainable revenue generation in the state.
Key words: Revenue, Revenue Generation and Challenges
Second International Academic Conference on Accounting and Finance Issues in Emerging Market-Lagos Airport Hotel, Ikeja: Institute of Chartered Accountants of Nigeria (ICAN), Pp 23, 2016
Treasury Single Account (TSA) policy in Nigeria is a government accounting system under which all... more Treasury Single Account (TSA) policy in Nigeria is a government accounting system under which all government revenue receipts and income from Federal Government's Ministries, Departments and Agencies (MDAs) are collected into one single account, usually maintained by the Central Bank of Nigeria and all payments done through this account as well in order to enhance accountability of government revenue; transparency and avoid misapplication of public funds. The implementation of TSA policy in Nigeria has generated mixed reactions on it effect on Federal Government's Ministries, Departments and Agencies (MDAs). Based on the foregoing, the study assessed the effects of TSA on Federal Government's Ministries, Departments and Agencies (MDAs). To achieve the objective of the study, primary and secondary sources of data were used. Questionnaires were used for the collection of primary data. A sample size of 150 was purposively drawn from the study population which comprises of Federal Government's Ministries, Departments and Agencies (MDAs. Descriptive statistic (percentages) and Chi-square (X 2) analytical technique were utilized in the analyses of data and test of hypothesis. The calculated Chi-square (X 2) results for the hypothesis Ho1: Treasury Single Account does not enhance the repositioning of Federal Government's Ministries, Departments and Agencies (MDAs) for sustainable development, shows; X 2 10.71 and the table X 2 value at 5% level of significance was 2.733.The results show that Treasury Single Account has enhanced the repositioning of Federal Government's Ministries, Departments and Agencies (MDAs) for sustainable development. The study results also shows that TSA has enhanced regular monitoring of government cash balances, accountability and transparency, efficient use of government financial resources, probity, reduction of cost of borrowing and help to check corruption in Federal Government's Ministries, Departments and Agencies (MDAs). Also the study shows that MDAs in Nigeria have not been able to adequately used TSA to enhance economic development in Nigeria among others. The study recommended among others that TSA should be embrace by all Government's Ministries, Departments and Agencies (MDAs) at all level of governments; federal, states and local government councils in Nigeria and that MDAs in Nigeria should take advantages of TSA policy implementation to enhance economic development in Nigeria by keying into all aspects of the policy drive and urgently addressing all the shortcoming associated with the policy. The study concluded that TSA is a viable tool that enhanced repositioning of MDAs in Nigeria and as such it should be use to facilitate economic development in Nigeria.
Nigerian Journal of Accounting and Finance, Vol.7 (1&2) Pp 1-17, 2015
Abstract
In Nigeria, states governments are facing financial crises as a result of reduction in g... more Abstract In Nigeria, states governments are facing financial crises as a result of reduction in global oil prices and economic recession; leaving the states governments with the option of adopting strategies to improve the revenue base of states through others sources of revenue to attain the desired development. This study assessed the contribution of Personal Income Tax to Revenue Generated in Cross River State from 2003 to 2012. To achieve the objectives of the study, primary and secondary data were collected from the Cross River State Internal Revenue Service (CRSIRS) and Office of the Accountant General of Cross River State. Descriptive statistics and Ordinary Least Square (OLS) regression analytical technique were utilized in the analyzed which shows; R2 0.63 and DW 1.88. Granger Causality test and Augmented Dickey Fuller (ADF) unit root test were conducted to enhance the validation of the results. The results shows that personal income tax has significant impact on revenue generated in Cross River State and it has the capacity of been the major source of revenue in Cross River State. The study concludes that personal income tax is a source of revenue that can boost the state revenue base; as such there is a need for government to improve revenue generation through personal income tax. Therefore, the study recommends among others that government should expand personal income tax net thereby improving revenue generation through personal income tax and put in place palliative measures such as effective collaboration with stakes that will bring tax payers from the informal sector in to the tax net. Key Words: Personal Income Tax, Revenue Generation and Nigerian Economy
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Key Words: Revenue Generation, Tax Evasion, Sustainable development
Financial drought and crippling insolvency in many states has led to unprecedented pressure and severe challenges paying workers salaries obligation, increasing cost of governance and infrastructural development in many states in Nigeria, Cross River state inclusive; a problem which had been contended to have emanated from reduction in federal allocations and poor revenue generation. The study assessed States Revenue Generation Challenges in Nigeria. To achieve the objectives of the study, primary data were generated through questionnaires. A sample size of 211 was drawn from the study population of 436. Descriptive statistic was utilized to analyze the data. The study result shows among others that corruption, poor accountability and tax evasion are challenges militating against revenue generation in Cross River State. The study concludes that revenue generation is a matter of paramount importance for any meaningful development to take place in the state and there is need for government to put in place palliative measures that will control challenges’ militating against revenue generation in the State. Therefore, the study recommends that government should put in place measures that will enhance blockage of revenue leakages that militate against revenue generation in Cross River State and facilitate sustainable revenue generation in the state.
Key words: Revenue, Revenue Generation and Challenges
In Nigeria, states governments are facing financial crises as a result of reduction in global oil prices and economic recession; leaving the states governments with the option of adopting strategies to improve the revenue base of states through others sources of revenue to attain the desired development. This study assessed the contribution of Personal Income Tax to Revenue Generated in Cross River State from 2003 to 2012. To achieve the objectives of the study, primary and secondary data were collected from the Cross River State Internal Revenue Service (CRSIRS) and Office of the Accountant General of Cross River State. Descriptive statistics and Ordinary Least Square (OLS) regression analytical technique were utilized in the analyzed which shows; R2 0.63 and DW 1.88. Granger Causality test and Augmented Dickey Fuller (ADF) unit root test were conducted to enhance the validation of the results. The results shows that personal income tax has significant impact on revenue generated in Cross River State and it has the capacity of been the major source of revenue in Cross River State. The study concludes that personal income tax is a source of revenue that can boost the state revenue base; as such there is a need for government to improve revenue generation through personal income tax. Therefore, the study recommends among others that government should expand personal income tax net thereby improving revenue generation through personal income tax and put in place palliative measures such as effective collaboration with stakes that will bring tax payers from the informal sector in to the tax net.
Key Words: Personal Income Tax, Revenue Generation and Nigerian Economy
Key Words: Revenue Generation, Tax Evasion, Sustainable development
Financial drought and crippling insolvency in many states has led to unprecedented pressure and severe challenges paying workers salaries obligation, increasing cost of governance and infrastructural development in many states in Nigeria, Cross River state inclusive; a problem which had been contended to have emanated from reduction in federal allocations and poor revenue generation. The study assessed States Revenue Generation Challenges in Nigeria. To achieve the objectives of the study, primary data were generated through questionnaires. A sample size of 211 was drawn from the study population of 436. Descriptive statistic was utilized to analyze the data. The study result shows among others that corruption, poor accountability and tax evasion are challenges militating against revenue generation in Cross River State. The study concludes that revenue generation is a matter of paramount importance for any meaningful development to take place in the state and there is need for government to put in place palliative measures that will control challenges’ militating against revenue generation in the State. Therefore, the study recommends that government should put in place measures that will enhance blockage of revenue leakages that militate against revenue generation in Cross River State and facilitate sustainable revenue generation in the state.
Key words: Revenue, Revenue Generation and Challenges
In Nigeria, states governments are facing financial crises as a result of reduction in global oil prices and economic recession; leaving the states governments with the option of adopting strategies to improve the revenue base of states through others sources of revenue to attain the desired development. This study assessed the contribution of Personal Income Tax to Revenue Generated in Cross River State from 2003 to 2012. To achieve the objectives of the study, primary and secondary data were collected from the Cross River State Internal Revenue Service (CRSIRS) and Office of the Accountant General of Cross River State. Descriptive statistics and Ordinary Least Square (OLS) regression analytical technique were utilized in the analyzed which shows; R2 0.63 and DW 1.88. Granger Causality test and Augmented Dickey Fuller (ADF) unit root test were conducted to enhance the validation of the results. The results shows that personal income tax has significant impact on revenue generated in Cross River State and it has the capacity of been the major source of revenue in Cross River State. The study concludes that personal income tax is a source of revenue that can boost the state revenue base; as such there is a need for government to improve revenue generation through personal income tax. Therefore, the study recommends among others that government should expand personal income tax net thereby improving revenue generation through personal income tax and put in place palliative measures such as effective collaboration with stakes that will bring tax payers from the informal sector in to the tax net.
Key Words: Personal Income Tax, Revenue Generation and Nigerian Economy