APPRAISAL OF THE CHALLENGES IN REVENUE COLLECTION AND THE IMPACT ON THE ECONOMIC DEVELOPMENT OF NIGERIA

Abstract

Abstract

Revenue collection is an integral component of fiscal policy and administration. It is the fuel of every government; the main instrument through which government funding is ensured. With growing donor fatigue and dwindling domestic revenue reserves in Nigeria, the need to strengthen revenue collection systems has become particularly imperative. Yet, devising efficient means of collecting revenue remains a daunting challenge in Nigeria. Among the challenges confronting revenue collection include corruption, poor attitudes of the revenue collectors and among others. The paper revealed that there is a positive relationship between revenue collection and economic development. The paper also identified the various sources of revenue which include taxation (non oil revenue) and oil revenue. The paper recommended that public enlightenment campaigns should be embarked upon so that indigenes could be informed of the policy of government as regards revenue generation.