Programme: Accounting
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Item Taxation and Consumers’ Spending Patterns in Nigeria: An Autoregressive Distributed Lag and Error Correction Model Approach(International Journal of Economics and Financial Issues, 2024) James, David; Omodero, Cordelia Onyinyechi; Nwobodo, Helen; Odhigu, Festus Onosakponome; Adeyemo, Kingsley AderemiThis study evaluates the effects of personal income tax and consumption tax on the spending system of consumers in Nigeria. The autoregressive distributed lag (ARDL) model has been employed for the co-integration test. The research additionally employs the Error Correction Model (ECM) to assess the pace at which any divergence from the long run equilibrium can return to normal in the current period. The findings show that Value added tax has an insignificant impact on purchasing power of consumers in both the short and long intervals. However, personal income tax and exchange rate exert substantial positive effect on consumer spending power in the long run but not in the short run. At the 1% level, the ECT coefficient is shown to be significant and unfavourable. This demonstrates a pretty slow convergence rate, with the model pushing itself towards equilibrium by 37% each year. The consequence is that any disequilibrium caused by shocks from the previous year requires 37% adjustment speed to return to long-run equilibrium in the current year. There have been several studies on how consumption tax affects households’ welfare without considering the effects of income tax and ever fluctuating exchange rate alongside these whole scenarios. This study puts all of these issues into consideration and contributes meaningfully to the existing literature that personal income tax is an integral part of the factors that affect households’ spending capacity. The study recommends that proper tax policy to enhance consumers’ spending capacity.Item Tertiary Education Tax, Information Technology Development Levy and Funding of Educational System in Nigeria(Journal of Educational and Social Research Vol 13, 2023) Omodero, Cordelia Onyinyechi; Adeyemo, Kingsley Aderemi; Ekundayo, Olugbenga; Omesue, Chukwudi Emmanuel; Eriabie, Sylvester; Lawrence, ImeokpariaDue to poor funding of education in Nigeria, there has been a lot of instability in the educational system which ranges from frequent industrial revolt to a complete shutdown of schools in the country. The situation has become unbearable for families that now have their wards sitting at home due to no academic activities going on in the institutions of learning. This is not just because of poor governance but has been majorly attributed to limited sources of income available for school funding. The study assesses the effectiveness of tertiary education tax and information technology development levy in providing the needed funds for schools. The secondary data employed for this study cover a period from 2010 to 2021 and the multiple regression model is applied for the analysis. The result reveals that education in Nigeria requires more funds as the tertiary education tax lacks the capacity to adequately fund academic activities in the country. However, information technology development levy exerts a considerable impact on education financing. Therefore, the study proposes that the government should exploit other funding opportunities from other national income sources to augment the tertiary education tax. Also, the government should improve the fiscal planning for education expenditure by reducing the funds for other less essential expenditure responsibilities in the annual budget. The study also suggests that the government should endeavor to address the issues affecting the educators so that they can continue their classroom activities without grievances.