Impact of Treasury Single Account On Public Finance Management in Nigeria: Pre and Post Implementation Analysis (Published)
This study examined the impact of Treasury Single Account (TSA) on the public finance management in Nigeria. The study investigated how the implementation of TSA in Nigeria affected revenue collection, public cash management, federation account allocation and corruption control in Nigeria. The paper used secondary data collected from Central Bank of Nigeria statistical bulletin and transparency international from 2010-2014 (pre adoption period) to 2015-2019 (post-adoption period). T-test statistical technique was employed to analyze the data. The findings of the study revealed that TSA has a negative and insignificant effect on government revenue, public cash management, federal account allocation, as well as corruption control in Nigeria. The study recommends that government should strengthen the system of implementation of TSA in Nigeria and all resources of leakages to total government revenue should be investigated forensically and such loopholes filled. Moreover, government should devise other means of cash management and reduce so much reliance on TSA implementation.
Citation: Iloeje J.B., and Okwo I.M. (2022) Impact of Treasury Single Account On Public Finance Management in Nigeria: Pre and Post Implementation Analysis, European Journal of Accounting, Auditing and Finance Research, Vol.10, No. 12, pp.62-75
Keywords: Nigeria, Revenue, corruption control, economic growth, federation account allocation, public cash management, treasury single account
Effect of Tax Revenue Generation on Economic Growth in Nigeria (Published)
Citation: Confidence Joel Ihenyen and Tovie Annabel Stephen Ogbise (2022) Effect of Tax Revenue Generation on Economic Growth in Nigeria, International Journal of Business and Management Review, Vol.10, No.2, pp.44-53
Abstract: The contribution of taxation to all economies around the world cannot be exaggerated. Apart from the revenue function it performs for the government, it is also used to help the country achieve its macroeconomic goals in the areas of fiscal and monetary policy. While a significant portion of Nigeria’s income comes from taxes, it has long been observed that the role of taxation in stimulating economic activity and growth remains unrecognized especially in the area of infrastructure and basic equipment. Earlier documents have shown that tax revenues in developed countries have a significant impact on economic growth, which is clearly reflected in the services provided by these countries. Therefore, the main purpose of this study is to investigate the relationship between Nigerian tax revenues and economic growth in Nigeria. Multiple linear regression analysis was used to analyze the data using the Microsoft Excel package. As a result, petroleum profit tax, company income tax and value added tax have a positive impact on Nigeria’s economic growth, while custom excise and duties have a negative impact, but overall, between tax revenue and Nigeria’s economic growth, there is a significant correlation. The use of generated tax revenue is a serious concern, requires special attention of policy makers, taxpayer violations of tax law are obstacles, and inefficient tax administration is a sufficient loophole for tax evasion. As a result, income is reduced. In particular, the Tax Administration is only responsible for qualified professionals and trusted persons, and it is advisable to thoroughly educate the importance of taxes for the entire population.
Keywords: : Generation, Economic, Growth, Revenue, Tax
Financial Control and Accountability in the Public Sector in Nigeria (Published)
The research work examined the usefulness of financial control and accountability in the public sector institutions in Nigeria. The objectives of the study were to investigate if the control of public funds is appropriate and to find out whether necessary accounts are kept and to examine the proper administration of government funds. The research was carried out, using the Federal Medical Centre, Owo, Ondo State as the case study. Primary Data was collected through convenience sampling method and using self-administered questionnaires for 40 respondents. They included Staff in the Audit and Account department. Also, Secondary data was retrieved from the Central Bank of Nigeria Statistical Bulletin on federally generated revenue and expenditure incurred (Capital and Revenue). Chi- Square was used to test the hypotheses. Simple Linear Regression was used to analyze the secondary data to test for the relationship between the revenue generated by federal government and expenditure incurred. From the findings, it was found that financial controls and accountability exist in the public sector. The researcher also found that a positive relationship exist between revenue generated by federal government and expenditures incurred. This study concluded that financial control and accountability is effective and efficient. Therefore, the study recommends that existing financial controls should be strengthened to improve accountability in the public sector in Nigeria.
Keywords: Accountability, Capital Expenditure, Public Sector, Recurrent Expenditure, Revenue, financial control
Selected Components of Tax Revenue and Educational Development in Nigeria (Published)
This study investigated the relationship between some selected components of tax revenue and educational development in Nigeria for the period 2010 to 2018. The study adopted education tax and value added tax as the independent variables, while educational development taken as government spending on education (excluding recurrent expenditure) was used as the dependent variable. Secondary data was collected from the CBN, FIRS, and MOE. The data analysis technique adopted for the study was the multiple regression analysis using the Ordinary Least Square (OLS) method. The results revealed that there was positive relationship between value added tax, education tax and education development. However, the relationship was not statistically significant with the implication that the effect of the selected tax revenue components on educational development was weak. Based on the findings of this study, it was concluded that the contribution of education tax to the development of the education sector is not having the desired effect on the sector. Furthermore, value added tax revenue as expected is not an important contributor to education development. It is suggested that more revenue from various tax funds be channeled to the education sector as human capital development is key to national development. The study thus recommended that the proportion of value added tax revenue channeled towards education development should be increased as deficits in education development are very high. It is also recommended that the education tax be increased from the present 2% to 5% in order to contribute more significantly to education development.
Keywords: Development, Education, Revenue, Tax, Value added
Prospects of Local Government Finance towards Rural Development. A Case Study of Umuahia North Local Government Area of Abia State (Published)
Several challenges have emerged over the years to impede the performance of local government councils in the discharge of their constitutionally assigned responsibilities. One of such challenges is the dwindling revenue base of the local government which has remained an impediment to national development. This paper focuses on how local government can identify revenue sources available to them and ensure effective management of their finances to enhance rural development. A 5 point Likert scale is used to rate hypotheses. It is found that effective utilization of local government finance have significant effect on rural development and a solid financial base have significant effect on the enhancement of rural development. It is recommended that there should be efficient management and utilization of available fund; and also accountable leadership.
Keywords: Finance, Local Government, Revenue, Rural Development
Local Government Finance and Rural Development: A Case of Umuahia North Local Government Area of Abia State (Published)
Several challenges have emerged over the years to impede the performance of local government councils in the discharge of their constitutionally assigned responsibilities. One of such challenges is the dwindling revenue base of the local government which has remained an impediment to national development. This paper focuses on how local government can identify revenue sources available to them and ensure effective management of their finances to enhance rural development. A 5 point Likert scale is used to rate hypotheses. It is found that effective utilization of local government finance have significant effect on rural development and a solid financial base have significant effect on the enhancement of rural development. It is recommended that there should be efficient management and utilization of available fund; and also accountable leadership.
Keywords: Finance, Local Government, Revenue, Rural Development
Financial Regulation: Budget deficit management in post-independence Uzbekistan (Published)
The paper aims to study the important macroeconomic financial regulation problems such as budget deficit management in post-independence years of Uzbekistan. The factors of budget deficit, the ways of its reduction and the financing mechanisms were studied using documenary analysis, economic and statistical methods of research. The research revealed that high level of centralized investments, negative effect of existed exchange regime, high subsidies for Pensions fund, compensation of agricultural losses due to bad wheather conditions and geopolitical situation required voluminous expenses. At the same time, change in tax rules, sharp decline of the income base of enterprises reduced budget revenies in the studied period. The results of research can be used as a basis for further fundamental researchs and to improving public policy and increase the efficiency of measures of budget deficit management in emerging markets.
Keywords: Budget, Expenditure, Regulation, Revenue, Uzbekistan, deficit
Economic Impact of Tourism in Jammuand Kashmir (Published)
Jammu and Kashmir State has a tremendous potential to become a major global tourist destination. Importance of tourism in J&K economy is known for decades now and its role in economic development has been an area of great interest from policy perspective. To understand the economic impact of tourism in the J&K state, present paper uses secondary sources of data and tries to examine various parameters of economic development such as tourist inflow, employment generation, State Gross Domestic Product, development of infrastructure and regional development. We found apart from agriculture sector, tourism sector is the most popular source of income and employment generation for the state economy.
Keywords: Employment, Infrastructure, Regional Development., Revenue, Tourism, Tourist Inflow
TAX AMNESTY FOR DELINQUENT TAXPAYERS: A CLICHÉ IN NIGERIA (Published)
Tax evasion presents a serious problem for a number of countries. Every year, governments lose large amounts of potential revenue because citizens, in some manner avoid paying taxes. To address the problem of tax evasion, many countries have implemented tax amnesty programs over the years. More and more tax administrators are coming up with diverse products and innovations to raise government revenues to meet daunting challenges in the face of slow growth rate in trade and investment. In this paper we shall examined the successes and failures of amnesty in curbing other crimes and also see if it can be applied to cases of taxation in Nigeria.
Keywords: Amnesty, Failures, Nigeria, Revenue, Successes, Tax
FINANCING TERTIARY INSTITUTIONS THROUGH INTERNALLY GENERATED REVENUE (IGR) (Review Completed - Accepted)
This paper examines how internally generated revenue (IGR) is being used to finance tertiary institutions in Nigeria. Most tertiary institutions in Nigeria have set up internally generated revenue units to source for funds in order to use in assisting government to finance the institutions. Internally generated revenue unit in higher institution therefore is to serve as relief to government expenditure. This paper discusses financing higher education in Nigeria. Effect of adequate funding of tertiary institution/higher education in Nigeria. The paper also explains the need for business development as internally generated revenue in higher institution and the need for intra preneuning for internally generated revenue in tertiary institutions. The paper therefore concluded that all necessary logistics for adequate internally generated revenue must be put in place to minimize fraud.
Keywords: Expenditure, Financing, Internally, Revenue
