Original Research Article | OPEN ACCESS
Tax Revenue Consumption Expenditure and Public Debt in Nigeria

For correspondence:-    

Received: January 23 2023        Accepted: March 30 2022        Published: March 31 2023

Citation: Tax Revenue Consumption Expenditure and Public Debt in Nigeria. Account Tax Rev 2008; 7(1):30-50 doi:

© 2008 The authors.
This is an Open Access article that uses a funding model which does not charge readers or their institutions for access and distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0) and the Budapest Open Access Initiative (http://www.budapestopenaccessinitiative.org/read), which permit unrestricted use, distribution, and reproduction in any medium, provided the original work is properly credited..


This paper examines the continuously rising Public debts as well as increased consumption expenditure despite the quantum of money generated from total tax revenue in the country. The study used public debt as the dependent variable and total tax revenue and consumption expenditure as the independent variable. Time series secondary data sourced from the statistical bulletins of the Debt Management Office (DMO), Federal Inland Revenue Service (FIRS), and Central Bank of Nigeria (CBN) covering 1992 – 2022 were obtained for analytical purposes. The data was tested for stability diagnostics using the Ramsey Reset Test, subjected to descriptive analysis and hypotheses testing through Ordinary Least Squares (OLS). The result of the study revealed a positive relationship between total tax revenue, consumption expenditure, and public debt. The relationship between consumption expenditure and public debt is statistically significant while the relationship between tax revenue and public debt is statistically non-significant. The study however recommends a decrease in consumption expenditure and an increase in savings to reduce the level of public debt.

Keywords: Public Debt, Total Tax Revenue, Consumption Expenditure, Economic Growth.

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