GOVERNMENT REVENUE AND GROWTH OF NIGERIAN ECONOMY

Abstract

This research looked at how government income affected Nigeria's economic development from 1993 to 2022. The CBN annual statistics bulletin provided secondary data for this investigation. Gross domestic product was used to represent Nigeria’s economic growth, while oil, non-oil, and debt revenue were used to represent government income. The study utilised the ordinary least squares approach to assess the hypotheses and utilised the ex post facto research strategy. According to the report, Nigeria's GDP is positively and significantly impacted by oil money. Nigeria's gross domestic product benefits greatly from non-oil earnings. The Nigerian gross domestic product benefits greatly from debt revenue. According to the coefficient of determination findings, government revenue factors accounted for 76% of the increase in the economy. The research comes to the conclusion that government income significantly influences the expansion of the Nigerian economy. According to the report, government income from debt sources should be carefully considered and pursued only when required. In order for the money to contribute to the expansion of the economy, it must first be made sure that it is used for the intended purpose. Since income from other sectors is thought to play a substantial function in the expansion of the economy, the government should put in place a mechanism aimed at diversifying its revenue production away from the oil industry. To promote economic development, policymakers must devise measures that will oversee the whole process of government income collection.