Impact of Petroleum Profit Tax on Economic Development of Nigeria From 2015 to 2021.

Abstract:

This study seeks to evaluate the impact of petroleum profit tax on growth rate of the national income in Nigeria from 2015 to 2021.Expost- facto research design was employed in carrying out the research. The national income served as the dependent variable, petroleum profit tax was used as the independent variable ,while the inflation is the control variable. Secondary data was made applicable as the study carried out unit root test, homoscedastic test, Parameter stability test and multiple regression model. The result of the regression function indicated that petroleum profit tax had no significant impact on gross national income in Nigeria from 2015 to 2021.The study therefore, recommends that revenue from petroleum profit tax should be invested in other sectors of the economy like agric, construction and manufacturing areas in order for government to achieve economic development.