ASSESSMENT OF INTERNALLY GENERATED REVENUE IN OYO STATE, NIGERIA (2000 -2018)
40 Pages Posted: 12 Sep 2024
Date Written: April 26, 2022
Abstract
This study assesses Internally Generated Revenue (IGR) in Oyo State, Nigeria from 2000 to 2018. Using a descriptive approach, the study measures the fiscal viability of the state by examining the ratio of IGR to total revenue and recurrent expenditure. Additionally, it explores the impact of revenue policies and reforms on IGR. The findings reveal that IGR's contribution to total revenue and recurrent expenditure in Oyo State is minimal, indicating a heavy reliance on federal government allocations for financing expenditures. Furthermore, the study notes that the various revenue reforms have not effectively expanded the internal revenue base. To address these issues, the study recommends strict implementation of revenue laws, particularly those related to the autonomy of the Board of Internal Revenue (BIR) and the enforcement of penalties for tax defaulters. To enhance IGR performance, the study also suggests that the state government invest in tax education for its citizens and require tax clearance certificates for any transactions between the government and the public.
Keywords: IGR, fiscal viability, revenue reforms, BIR autonomy, Tax education, Public finance, Oyo State, Nigeria
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