Moderating Role of Technological Innovations on the Relationship between Non- Oil Tax Revenue and Economic Growth in Nigeria
Keywords:
Tax Revenue, Economic Growth, Technology, Innovation, Economic DevelopmentAbstract
This study examined the moderating effect of technological innovation on the relationship between Non-Oil Tax Revenue and Economic Growth in Nigeria from 1994 to 2023.Non-Oil Tax Revenue was using CIT, PIT, CGT, VAT, STD, CSD and Economic Growth. The data relating to Non-oil tax revenue was collected from the statistical reports of Federal Inland Revenue Service. The RGDP data was retrieved form the Central Bank of Nigeria statistical bulletin and the moderating variable of Technology Innovation was measured using Global Innovation Index (GII). The descriptive statistics result indicated that the data constituted thirty observations. The hypotheses tested revealed that non-oil tax revenue has positively impacted in Nigerian Economic Growth in Nigeria. More so, the result of the hypothesis indicated that Technological Innovations moderates the relationship between non-oil tax revenue and Economic Growth in Nigeria. The result of the ordinary least square method analysed using SPSS V 20 stated that the R value of and the R square value of 0.975 and 0.950 respectively indicted that there exists a significant relationship between the dependent, independent and the moderating variables of the OLS model estimated. It shows that the significant relationship is explained by 97.5% and 95.0% of the values of the R and squared. It was recommended that the Federal Inland Revenue Service of Nigeria should improve the collection of non-oil tax revenue by taking the advantage of the technological innovations. The government of Nigeria should improve on adherence to proper accountability and transparency in the disbursement of the non-oil tax revenue to finance the national budget of Nigeria.