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specialty journal of accounting and economics
Volume 3, 2017, Issue 3
Government Revenue Profile and Economic Growth in Nigeria (1981 - 2015)
OLASUPO. Sunday Festus, OSENI, Michael
Pages: 47-60


The study ascertained the extent the accrued revenue generation has enhanced economic growth in Nigeria from 1981 to 2015. Secondary data sourced from Central Bank of Nigeria (CBN)’s Statistical Bulletin and National Bureau of Statistics (NBS) on such variables like real gross domestic product; oil revenue; non-oil revenue; labour force; social and economic services expenditure during the period were made use of. The collected data were analyzed using appropriate descriptive and inferential statistics like regression analysis and time series using E-views 9 statistical package. The Autoregressive Distributed Lag (ARDL) Model approach was adopted to consider the long run elasticity as well as the short dynamics among the variables of interest. The result of the analysis showed that labour force has a positive impact on economic growth in Nigeria during the time and there exist a significant positive relationship between oil revenue and economic growth in Nigeria. The gross fixed capital formation was found to be positively related to economic growth and the social and community services expenditure has a positive effect on the Nigerian economy. The non-oil revenue that was found to be negatively related to economic growth but not statistically significant implied possible leakages during the period. The study found that a positive relationship existed between oil revenue and economic growth in Nigeria while it was negative for the non-oil revenue between 1981 and 2015. Therefore, the study concluded that the accrued revenue had positive significant impact on economic growth of Nigeria.

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specialty journal of accounting and economics
Issue 1, Volume 6, 2020