NON-OIL TAX REVENUE AND ECONOMIC DEVELOPMENT OF NIGERIA (1989-2021)

Abstract

The study investigated the effect of non-oil revenue on the economic development of Nigeria, using historical research method. Data were collected principally from secondary sources via CBN statistical bulletin. This study is restricted to Non-oil revenue and economic development of Nigeria for 33years period (1989 -2021). This study employed descriptive statistical analysis. Linear regression analysis was used to test the effect of the predictor variable on the criterion variables based on the data obtained from Central Bank of Nigeria’s statistical Bulletin. The data generated for this were further analyzed with the help of SPSS (version 25). The study found that there is a positive correlation between NOR and Nigeria's economic development in terms of RGDP; there is a positive and weak correlation between NOR and Nigeria's economic development in terms of HDI. Hence, the researcher rejected the null hypothesis one and concluded that there is a significant relationship between non-oil tax revenue and economic development (RGDP) in Nigeria; the researcher also accepted the null hypothesis two and concluded that there is an insignificant relationship between non-oil tax revenue and economic development (HDI) in Nigeria. Consequently, the researcher suggested that revenue collected from non-oil source should be used to enhance human capital development in the country; Nigerian Government should invest more on non-oil sectors of the economy to create job opportunities and boost the economy at large.