Taxation: A Noah's Ark in the Event Nigerian Oil Dries Off

Abstract

This paper examines the possibility of replacing the Nigerian oil-based economy with tax- based economy. The paper argues that, if properly annexed and managed revenue generation from tax can adequately sustain Nigerian economy. In holding this view, the paper examines both natural as well as manmade problems causing constant dwindling in the Nigerian oil production which according to the paper are not common in the case of revenue generation through tax. In conclusion, the paper recommends that, it is high time Nigerian Government start looking the way of taxation as the best alternative for the survival of Nigeria in the event her crude oil dries off.