AN ANALYSIS OF REVENUE MANAGEMENT EFFICIENCY IN NIGERIA: A CRITICAL EXAMINATION FROM THE PERSPECTIVES OF TAX PROFESSIONALS
Abstract
The roles of taxation are critical to the survival of any economy in the 21st century. The efficiency of tax administration is critical to revenue collection. The efficient revenue management is essential and recognized as a fundamental pillar for the functioning of any government globally. This study investigated the efficiency of revenue management in Nigeria. The research was grounded on qualitative research approach and primary data was collected through individual questionnaires from taxation professionals and administrators in Nigeria. The research collected primary data from a sample size which comprises of 200 tax professionals selected through purposive and simple random sampling methods. The study revealed that electric taxation collections was identified as the most effective revenue collection practice in Nigeria. Further, the study highlighted Fraud, Administrative inefficiencies and limited enforcement as challenges facing tax administration in Nigeria. The paper argued that the current measures put in place by the Tinubu Administration should increase the revenue collection; however, the study found the overall extent of these strategies to be poor. The study recommends a harmonization or review of the legal framework supporting revenue collection to enable Federal Inland Revenue Service (FIRS) realize its full potential.
