Abstract

This paper contextualises a review of literary and legal postulations, including theorems of taxation, the rationale behind its imposition, the conceptual meaning of taxation and revenue, sources of revenue, meaning and conceptualisation of the scope of taxation, an overview of tax administration in Nigeria and forms of taxation in Nigeria. It takes cognisance of the unshakable position of taxation as a panacea for raising the much-needed funds for meeting government’s unending obligations to its citizens. This paper takes a cursory look at the different shades of opinions of legal scholars on the theme of taxation and conducts an expose on the review of the types of taxes chargeable under the Nigerian legal system including the recently introduced hydrocarbon taxes as prescribed by the Petroleum Industry Act 2021. This paper sought to assess and review the limits of opinions and theories of taxation as revenue generation strategic policy in modern day Nigeria and it found that opinions are divided on the effective use of taxes as fund-generating springboard of government and that the various theories of taxation are all at amity regarding the fact that taxes are levied to be paid, not a duty to be avoided or a chore to be loved, it is a mandatory payment, irrespective of the many disincentives for its payment by Nigerian tax payers. It concludes by stating that a government with an efficacious tax policy will have sufficient revenue to meet its obligations and engender tremendous development in its territory and prescribes the need for justiciability of tax payer’s rights to ensue accountability on the side of the government, a systemic harmonization and corroboration from tax authorities and government delegates, in order to achieve an effective tax administration to enhance positive tax compliance.

Keywords:

Taxation; Review; Theories, Revenue; Economy; Policy; Regime

References:

BOOKS
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JOURNALS AND ARTICLES
1) Adegbite T.A and Fasina H.T, ‘Taxation and Revenue Generation in Nigeria’ [2019] (3) (1) Accounting and Taxation Review

2) Akinleye G.T and Olaoye F.O and Ogunmakin A.A, ‘Effect of Tax Identification Number on Revenue Generation in Southwest Nigeria’ [2019] (2) (9) Academic Journal

3) Amadi N.B, ‘Socio-Legal Approaches to the Enforcement of Tax Compliance in Nigeria’ [2020] (11) (1) Nnamdi Azikwe University Journal of International Law and Jurisprudence

4) Bielu K.J, ‘A Legal Appraisal of Taxation of Electronic Commerce in Nigeria’ [2021] (12)(2) NAUJILJ

5) Eja B.R and Idaka S.E and John O, ‘Inhibiting Factors to Tax Revenue Generation in Cross River State, Nigeria’ [2018] (17) Global Journal of Science

6) John-Akamelu C.R and Iyidiobi F.C, ‘Effect of E-Taxation on Revenue Generation in Anambra State’ [2019] (3)(3) IJTSRD

7) Lanem J.M and Jocelyn U.U and Yua H, ‘Casual Relationship between Taxation and Revenue Generation in Contemporary Nigeria: 1997-2018’ [2020] (7) (5) IJIRAS

8) Nubia I.C and others, ‘Effect of E-Taxation on Revenue Generation in Nigeria, A Pre Post Analysis’ [2020] (26) (3) Academy of Entrepreneurship Journal

9) NwabachilI C. O, ‘Critique of Company Income Tax Act and Its Impact on Investments in Nigeria’ [2020] (11 (2) Nnamdi Azikwe University Journal of International Law and Jurisprudence

10) Nwuzor D.C and Onah C.A, ‘The Implications of Taxation on Revenue Generation in Nigeria’[2022] (3) (3) Law and Social Justice Review

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12) Odinikonigbo J.J, ‘Does a Local Government in Nigeria Have the Power to Tax?’ [2020] (48)(6) Intertax, p 646-649

13) Ogbeifun I E and Others, ‘Revenue Generation and Economic Growth of Nigeria.’ [2019] (11)(07) International Journal of Current Research

14) Omesi I and Nzor N.P, ‘Tax Reforms in Nigeria: Case for Value Added Tax (VAT)’ [2015] (9) (4) AFRREV

15) Richards N.U, ‘Overview of the National Tax Policy and its Implication for Tax Administration in Nigeria’ [2019] (10)(2) NAUJIL

16) Samuel S.E and Tyokoso G, ‘Taxation and Revenue Generation: An empirical investigation of selected states in Nigeria’ [2014] (4) Journal of Poverty, Investment and Development

17) Umenweke M.N and Ifediora E.S, ‘The Law and Practice of Electronic Taxation in Nigeria: The Gains and Challenges’ [2016] NAUJILJ

ONLINE MATERIALS
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NEWSPAPERS
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