Cordelia Onyinyechi OMODERO


The decline in oil prices globally has led to diversification of economy in most oil enriched countries.  In Nigeria, more attention is given to agriculture and non-tax revenue sources to ensure that the country overcomes a mono-economy syndrome which has affected the nation in the past.  This study assesses the contributions of agriculture, oil and non-oil tax revenue to economic expansion in Nigeria using data that cover a period from 1981 to 2017.  The regression results indicate that oil revenue has a significant negative impact on economic growth which is represented by gross domestic product.  On the contrary, the study finds evidence that agriculture and non-oil tax revenue have a robust significant and positive influence on economic growth.  Therefore, the study suggests that tax administration in Nigeria should be more business-growth conscious and that agriculture should be given a boost by creating an enabling environment that could attract foreign direct investments in the agricultural sector.  The study also recommends that oil revenues should be utilized for reinvestments into other sectors of the economy.


Keywords:  Oil revenue, non-oil tax revenue, agriculture, economic growth, Nigeria.

JEL Classifications: H27, H24, H25, N5, O4




Oil revenue, non-oil tax revenue, agriculture, economic growth, Nigeria.

Full Text:




Abubakar, A.A. (2011). Political participation and discourse in social media during the 2011

Presidential Electioneering. Paper presented at the ACCE, Covenant University, Ota.

September 2011.

Abubakar, M.Y., Ahmad, S.S., Sani, S.B. & Jinjiri, A.Y. (2016). Analysis of the impact of oil

Revenue on the Nigerian economy. IOSR Journal of Economics and Finance, 7(4), 10-21.

Adesola, O.A., Adesodun, A.I. & Adekola, D.R. (2014). Impact of oil revenue on economic

Development in Nigeria (1981-2012). Journal of Social and Development Sciences, 5(2),


Akanbi, O., & Du Toit, C. B. (2011). Macro-econometric modelling for the Nigerian

Economy: A Growth poverty gap analysis. Journal Economic Modelling, 28, 335-350.

Akinlo, A. E. (2012). How important is oil in Nigeria’s economic growth? Journal of Sustainable

Development, 5(4), 165-179. DOI: 10.5539/jsd.v5n4p165.

Asagunla, T.M. and Agbede, M.O. (2018). Oil revenue and output growth in Nigeria. IIARD

International Journal of Economics and Business Management, 4(6), 65-74.

Ayuba, A.J. (2014). Impact of non-oil tax revenue on economic growth: The Nigerian perspective.

International Journal of Finance and Accounting, 3(5), 303-309. DOI: 10.5923/j.ijfa.20140305.04.

Beghebo, M & Atima T.O, (2013). The impact of petroleum on economic growth of Nigeria.

Global Business and Economic Journal.

Fafunwa, A.B. (2005). Collapse in Educational System: Our Collective Failure. The Guardian

News. Retrieved from: www.guardiannews.ng.com on March 20, 2019.

Hammond, J.L. (2011). The Resource Curse and Oil Revenues in Angola and Venezuela‖. Journal

Of Science and Society, Vol. 75, No.3, pp.348-378.

Ihendinihu, J.U., Ebieri, J., & Ibanichuka, A.E. (2014). Assessment of the long-run equilibrium

Relationship between tax revenue and economic growth in Nigeria, 1986-2012. The SIJ Transactions on Industrial, Financial & Business Management (IFBM), 2(2), March – April.

Ibeh, F. U. (2013). The Impact of Oil Revenues on the Economic Growth in Nigeria. Caristas


Lambo, E. (2005). Minister Decries State of Health System. The Guardian News. Retrieved from:

www.guardiannews.ng.com on March 20, 2019.

Lyndon, M.E. & Paymaster, F. B. (2016). The Impact of Company Income Tax and Value added

Tax on Economic Growth: Evidence from Nigeria. European Journal of accounting, auditing and finance research 4(7), 106-112.

Nightingale, K. (1997). Taxation Theory and Practice. United Kingdom. Pitman Press.

Obaji, C. (2005). Nigeria Cannot Justify N40 Billion Spent on Education. The Punch News.

Retrieved from www.punch.ng.com on March 20, 2019.

Ogundele, A.E. (1999). Elements of Taxation. 1st Edition, Lagos Libri Service.

Okafor, R.G. (2012). Tax revenue generation and Nigerian economic development. European

Journal of Business and Management, 4(19), 49-56.

Owolabi, A. & Ajayi, N.O. (2013). Econometrics analysis of impact of capital market on

Economic growth in Nigeria (1971-2010). Asian Economic and Financial Review, 3(1),


Otu, H.B. & Adejumo, T.O. (2013). The effects of tax revenue on economic growth in Nigeria

(1970-2011). International Journal of Humanities and Social Science Invention, 2(6),


Popoola, A.A., Jimoh, I. & Oladipo, A.A. (2017). Tax revenue and Nigerian economic growth.

European Journal of Accounting, Auditing and Finance Research, 5(11), 75-85.

Sanni, A. (2005). Contentious issues in Tax Administration and Policy in Nigeria: A State

Governors Perspective. Paper Presentation by Executive Governor of Zamfara State at the 1st National Retreat on Taxation.

Soyode, L. & Kajola, S.O. (2006). Tax: Principles and Practice in Nigeria. 1st Edition: Ibadan,


Stoilova, D. & Patonov, N. (2012). An empirical evidence for the impact of taxation on economic

Growth in the European Union. Book of Proceedings – Tourism and Management Studies International Conference, Portugal, Algarve, Vol.3, 1031 – 1039.

DOI: https://doi.org/10.26458/1927

Data citation


Copyright (c) 2019 Cordelia Onyinyechi Omodero

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

As to respect GDPR, this site do not allow free registation. Please contact us at: ashues@spiruharet.ro

GDPR Policy:

Please read the statement below:
Processing of personal data and free movement of these data

Registering with this site the author agree with the collection, processing and use of his personal data, exclusively within the ASHUES journal.




To crown and encourage research efforts of the authors, at the end of a year of publishing our journal board will award online the best papers by distinctions:

1. Best Original Paper Award -  for the paper that has brought something completely new in the reader's attention (a new concept, a new trend, a new proposal in research, etc.)

2. Excellence Award - for the most cited paper and visualized in the online environment during the year

3. First, Second and Third Award- for the best documented and substantiated papers during the year

4. Special Award - to award PhD students and postdocs for the most well documented and substantiated paper