The biggest source of government revenue in Nigeria is

The biggest source of government revenue in Nigeria is
  • A. mining, rents and royalties
  • B. company income tax
  • C. import duties
  • D. export duties
  • E. petroleum profit tax
Correct Answer: Option E
Explanation
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Contributions (15)

benjaminbankzman
6 years ago
The basic reasons for taxation

in any economy cater on the

need to raise revenue for

economic and social

development and to guide

taxpayer’s behavior. Revenue

from taxation accounts for

over 80% of government

earnings in Nigeria, hence

special attention is often paid

by tax experts, economists and

the larger public on how such

revenue is being disbursed by

government among the

various economic sectors that

makes up the country. This

study, therefore, attempts to

evaluate the impact of taxation

as a source of governance

paying special emphasis on

petroleum profit tax over a

period of twenty years. Data

were collected through

questionnaires from

respondents and statistical

bulletins of the Central Bank of

Nigeria. Result were presented

in tabular form. The ordinary

least square method of data

analysis was used for the

analysis of the data collected

from the Central Bank of

Nigeria (CBN). The result of the

findings showed that taxation

as a source of government

income has significant impact

on government revenue and

expenditure, but despite such

contribution to government

revenue generation the

country’s GDP is still low. As a

result of this finding, it was

recommended that the

government should take steps

to meet its socio-political and

economic obligations to the

citizenry as this will lead to a

growth in GDP. Finally, the

study underscores the urgent

need for the improvement of

the tax information system to

enhance the evaluation of the

performance of the Nigeria tax

system and facilitate adequate

macroeconomic planning and

implementation.
Boyboy
1 week ago
The answer is B
Meshachwonder
3 years ago
Company income tax is the biggest source of government revenue since petroleum profit tax is one of the types of company income tax
giftyemmanuel
3 years ago
d ansa z e,der z no arguement 2 dat
preetybint
6 years ago
E is correct because petroleum is now d govt major source of revenue. formally,it was Agriculture.
Emeka569
3 years ago
correct ans
guitar03
4 years ago
our economy is so dependant on petroleum that the country has a 98% probability of failure if the oil market collapses
prettymoses
3 years ago
The answer is B.Company income tax is a biggest source of government revenue in Nigeria. It is a direct tax levied on the profits of companies in Nigeria. Government had always use company taxation not only to raise money to run the affairs of government but also is important tool for economic development. Ref.. econs past ques. 2006
Mary ezeh
4 years ago
Yea E is correct because they only rely on petroleum as the only resource we have which serve as the man power of finance in Nigeria
PuertoSans
3 years ago
Mining,rents (on oil blocs) and royalties (mostly paid by oil companies) is the biggest source of government revenue in Nigeria.
faiz
1 year ago
A is the correct answer
Chidi1687
4 years ago
d ans is E
zaragal
4 years ago
how is it E which tax is placed on petroleum tax. there is nothing like petroleum profit tax

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