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THE RELEVANCE OF PETROLEUM PROFIT TAX TO THE NIGERIAN ECONOMY

 

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ABSTRACT

This study examined the impact of petroleum profit tax on economic growth in Nigeria. It also looked at the direction of causality among petroleum profit tax, money supply, interest rate, inflation rate and economic growth employing the method of Johansen co-integration and the Granger causality tests using data spanning the period 1978-2013. Results showed that petroleum profit tax has positive significant impact on GDP both in the short run and in the long run with ( ? = .1377812 ; t=1.71; P>|t|= 0.000) and (? =.0125105; z=-2.01, P>|z|= 0.000) respectively. Also, PPT does not granger cause GDP. Money supply impacted GDP positively in the short run but negative significant impact in the long run with (?=-.5674746; t= 3.02, P>|t|= 0.000) and (? = -9.70e-06; z = – 16.79; P>|z|= 0.000) respectively. It is recommended that, once petroleum profit tax impacted economic growth positively in the short run and n the long run, Government should also minimize or find ways of eliminating totally the widespread corruption and leakages in the petroleum profit tax administration

                                        TABLE OF CONTENT

Title page

Approval page

Dedication

Acknowledgment

Abstract

Table of content

CHAPTER ONE

INTRODUCTION

1.1        Background to the study

1.2        Problem Statement

1.3        Aims/Objectives of study

1.4       The Research questions

1.5       Statement of Research Hypothesis

1.6      Scope of the study

1.7      Basic Assumptions

1.8      Limitation of the Study

1.9    Significance of the Study

1.10 Operational Definition of Terms

1.10.1 Organization of the Study

CHAPTER TWO

LITERATURE REVIEW

2.1 Introduction

2.2 Concept of Oil Trade Shock

2.2.1 Trade Balance

2.3 Monetary Policy and Oil Prices

2.4 Asymmetric Effect of Oil Price Changes

2.5 The Structure of Exports and Export Earnings

2.6 Stock Market and Economic Activity

2.7. Oil Prices and Stock Market

2.8. Empirical Review

2.9. Theoretical Framework

2.9.1 Dependency Theory of Development

CHAPTER THREE

RESEARCH METHODOLOGY

3.1 Research Design

3.2    Sources of Data

3.3    Multiple Linear Regression

3.4    Vector Auto Regression (VAR)

3.4.1  Impulse Response Function

3.4.2  Variance Decomposition

CHAPTER FOUR     

DATA PRESENTATION AND ANALYSIS

4.1 Introduction

4.2     Data Presentation

4.3 Explanatory variables

4.4     Unit Root Test

4.5     Lag Length Selection Criteria:

4.6   Empirical Result

4.7     Correlation Matrix Test

4.8     Excerpt of Granger Causality Test

4.9     Impulse Response Graph

 

 

 

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