AN ASSESSMENT OF VALUE ADDED TAX (VAT) AS A FISCAL POLICY MEASURE FOR ECONOMIC RECOVERY IN NIGERIA
AN ASSESSMENT OF VALUE ADDED TAX (VAT) AS A FISCAL POLICY MEASURE FOR ECONOMIC RECOVERY IN NIGERIA
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Date
1995-11
Authors
AUDU, IBRAHIM KYAKSE
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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.
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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.
Description
A PROJECT SUBMITTED TO THE POST GRADUATE SCHOOL,
AUMADU BELLO UNIVERSITY ZARIA IN PARTIAL FULFILLMENT OF
THE REQUIREMENTS FOR THE AWARD OF THE DEGREE OF
MASTERS OF BUSINESS ADMINISTRATION (MBA) OF AHMADU
BELLO UNIVERSITY ZAR1A.
DEPT. OF BUSINESS ADMINISTRATION
INSTITUTE OF ADMINISTRATION
A . B .U
ZARIA NIGERIA
NOV..1995.
Keywords
ASSESSMENT,, VALUE,, ADDED TAX,, FISCAL,, POLICY,, MEASURE,, ECONOMIC,, RECOVERY,, NIGERIA.