THE IMPACT OF PETROLEUM PROFIT TAX ON THE NIGERIAN ECONOMY
Abstract
Petroleum Profit Tax (PPT) is one of the major sources of government revenue in Nigeria due to the country's heavy reliance on the petroleum sector. This study investigates the impact of Petroleum Profit Tax on the Nigerian economy by examining its contribution to government revenue, economic growth, infrastructure development, and public expenditure. The study utilizes secondary data obtained from government publications and reports from relevant institutions. Findings reveal that PPT contributes significantly to government earnings and finances critical sectors such as education, healthcare, and infrastructure development. However, fluctuations in global oil prices, oil theft, and overdependence on petroleum revenue have limited the effectiveness of PPT in promoting sustainable economic growth. The study concludes that economic diversification and improved tax administration are essential for maximizing the benefits of Petroleum Profit Tax in Nigeria.
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