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FINANCING PUBLIC DEFICITS IN NIGERIA: GROPING IN THE DARK FOR TAXATION
Abstract
Taxation as the orthodox source of public nance has waned in contemporary Nigeria’s scal management, due to diminished “service for payment”. In the alternative, public debt has gained currency and prominence, irrespective of the high risk complexion. Fiscal renaissance, particularly since the 1990s, has engendered a legion of reforms aimed at repositioning taxation and substantially increasing collections. The objective of this study is to conduct an expository examination of the inhibitions of voluntary tax compliance and to explore prospects of leapfrogging tax contribution from its posterior position, given the lacunae in precious studies. In the descriptive research design, underpinned by the range of structural-functionalist and expectancy theories, salient among the ndings of the study is the diminished contribution of taxation to Nigeria’s GDP and total revenue due to weak institutional framework and “faded” enthusiasm of tax payers. In the circumstance of the situation, and until drastic reforms are successfully executed, Nigeria may be groping in the dark, in search of huge tax revenues. Accordingly, it is recommended, among others, that far-reaching scal reforms should be undertaken, to strengthen the tax administration machinery; and to support the scal reformation, against the backdrop of mounting public debt.
Keywords: Taxation, Decit, Gross Domestic Product,
Public Debt, Groping, Tax Reforms