AN ASSESSMENT OF VALUE ADDED TAX (VAT) AS A FISCAL POLICY MEASURE FOR ECONOMIC RECOVERY IN NIGERIA

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AN ASSESSMENT OF VALUE ADDED TAX (VAT) AS A FISCAL POLICY MEASURE FOR ECONOMIC RECOVERY IN NIGERIA

Abstract

Since the early 1990 when Nigeria found a new money spinner in oil, othcr sectors of the economy like a g r i c u l t u r e and manufacturing were relegated to the background. Thus Nigeria became a rnonocultural economy, with oil accounting for more than ninety percent of its total foreign exchange earings. With the collapse of International oil price of 1981 and persistent softening of the International oil since then, and partly in domestic lapses led to internal and external debt crises. The failure of structural adjustment program-me and other rnonetary measures to rectify the fiscal imbalances made the governmenl to introduce Value Added Tax as a means of not only diversifying tlie revenue base of government but to generate revenue to improve the quality opf life of Nigerians. The use of taxation like Value Added Tax and the effort towards accountability and transparency on the the part of government lias contributed to the fiscal surplus recorded in the first quarter of 1995. Asa result of these, sound fiscal policy measures have been recognized as a key factor in the economic recovery of Nigeria. Their role in the economic history of the country cannot be overemphasized, They are found in all spheres of government policy formulation leading to macro-economic stability in the country. Sound, important techniques for examining a country’s economic performance GOP, Domestic Price. Growth or Money stock, Growth or Credit, Balance of payments and Foreign Exchange flow have come to the forefront. issues pertaining to Fiscal Policy formulation, implementation, execution. evaluations are being scrutinized by policy makers the public and academicians. vii However, Value Added Tax being a new innovation in Nigeria, there exists the problem of inadequate publications on VAT to educate the public on the need to live upto their civic responsibilities thereby contributing their quota to the economic recovery of Nigeria. The few publications that arc available arc complex and not easily understood by the public. The shortcoming in this sector of the economy has led to many research being conducted in this area. The nature of taxation is complex itself and has always made research into the area not only difficult but challenging. Improving the quality of Fiscal Policy measures will not only lead to economic recovery but macro-economic stability, it is for this reason that the focus of this study is upon the assessment of Value Added Tax as a Fiscal Policy measure for economic recovery in Nigeria.

TABLE OF CONTENT

Title page- – – – – – – – – i
Approval page – – – – – – – -ii
Dedication – – – – – – – – -iii
Acknowledgement – – – – – – – -iv
Abstract – – – – – – – – – -v
Table of content – – – – – – – -vi

CHAPTER ONE
INTRODUCTION – – – – – – – -1
1.0 Background of the study – – – – -1
1.1 Statement of the problem – – – – -5
1.2 Purpose of the study – – – – – -6
1.3 Significance of the study – – – – -8
1.4 Research questions – – – – – -9
1.5 Scope of the study – – – – – – -10

CHAPTER TWO

LITERATURE REVIEW – – – – – – -11

CHAPTER THREE

Research methodology – – – – – – -39
Design of study – – – – – – – -40

CHAPTER FOUR

Presentation, analysis and interpretation of data – -48

CHAPTER FIVE

Summary of findings – – – – – – -60
Conclusion – – – – – – – – -61
Recommendations – – – – – – – -62
Suggestions for further research – – – – -64
References – – – – – – – – -65
Appendix I – – – – — – – – -68
Questionnaire. – – – – – – – -69

AN ASSESSMENT OF VALUE ADDED TAX (VAT) AS A FISCAL POLICY MEASURE FOR ECONOMIC RECOVERY IN NIGERIA

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