INTRODUCTION
It is a truism that no government can function properly without
revenue. Revenue helps government meet its numerous
responsibilities of improving the quality of life of the citizenry.
Cost of governance can only be financed through sustainable source
of revenue by the government. One of the major ways a government
can actualize and sustain this revenue generation drive is by
asking its citizens and corporate entities within its domain to
compulsorily contribute a percentage of their income to the coffers
of government. This compulsory levy on the citizens and entities is
called tax.
In recent times, there has been a sustained drive by the Nigerian government to diversify the economy and reduce its over-dependence on crude oil revenues owing to the volatile nature of the international oil market characterised by fluctuations in oil prices and compounded by dwindling oil reserves. It has thus become risky to continuously depend on the major cash cow of crude oil for sustainable development, as such there has been a consistent effort to shift to other sources of revenue, chief amongst which is taxation...
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Originally published 18 October 2021
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
