Taxation and economic diversification as tools for a sustainable economy: lessons from Canada
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Date
2018
Authors
Adebayo, Oluwaseyi Olayiwola
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Abstract
Despite the Nigerian oil economy and its revenue along having one of the highest Gross Domestic Product (GDP) in Africa, the citizens still lack good governance and a good standard of living. The Nigerian government is mostly dependent on oil revenue, and this made its economy monoculture in nature. The government realizing the need for having a sustainable economy is presently looking in the direction of diversifying the country’s economy and expanding its revenue base. Hence, this thesis identifies economic diversification and implementation of credible tax policy as viable tools for economic sustainability in Nigeria. It also explores the theory of legal transplantation to draw some insights from Canada’s experience on how Canada has used her diversified economy and tax policy to attain a sustainable economy. It also considers some of the systemic challenges of taxation in Nigeria. The thesis concludes by drawing out lessons from Canada as a model and recommends taxation and economic diversification as viable tools for a sustainable economy.
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Taxation and Economic Diversification