This study examines the impact of expansion in non-oil sector on sustainable economic growth of Nigeria economy. The study sourced data from the Central bank of Nigeria (CBN) statistical bulletin covering the periods of 2000 – 2019. An economic growth model was formulated using the study variables and the model was estimated using vector auto-regression  (VAR) techniques, other diagnostic tests such as  Roots of Characteristic Polynomial for VAR model stability, Augmented Dickey-Fuller test for time series stationarity, and granger causality tests were conducted to ensure the reliability of the model estimates. The analysis revealed that the estimated model is stable while the VAR and variance decomposition results shows that real gross domestic product is strongly endogenous in the short run but weakly endogenous in the long run. Further findings suggest that in the long run non-oil sector is strongly endogenous to real gross domestic product (92% contribution). The study, therefore, recommends diversification of the Nigerian economy by focusing more attention on agriculture, solid minerals, and service sectors as they tend to influence economic growth in the long run. More so, improved frameworks of accounting in areas of non-oil revenues are desirable for the accountancy profession.

Article History KeywordsMoney supply Inflation Granger causality Cointegration VECM Monetary policy rateConventionally and theoretically increase in money supply according to the quantity theory of money triggers a high inflation rate in developed and emerging economies. The reality in Nigeria contravenes the quantity theory of money. This study investigates the missing link in Nigeria from January 2010 to December 2018 by applying the Johansen co-integration, Granger causality tests and Vector Error Correction Model (VECM) on the monthly data. The findings indicated that money supply does not cause inflation. Inflation is caused by non-monetary factors of political instability, corruption, poor basic infrastructure among others. Money supply and inflation co-integrate in the long-term. The causality test proposed a uni-directional flow from inflation to the money supply. Bi-directional causality was not observed in this study. The VECM result indicated that disequilibrium caused in the previous year can converge back to equilibrium in the current year. The general findings of the study disagreed with the quantity theory of money. The study recommends that non-monetary factors of political instability, corruption, poor basic infrastructure among others were responsible for the missing link. These factors should be checked and put in perspective to achieve low inflation at a single digit in Nigeria. Contribution/Originality:This study contributes to the extant literature by using monthly M3 and M2 money supply data, and the implicit price deflator to GDP to measure inflation, the GDP and monetary policy rate. This study investigates the missing link between money supply and inflation rate in Nigeria by using the data from January 2010 to December 2018. The above serves as a hug contribution which most studies used M2 money supply and annualized time-series data. Nair et al. (2018); Amiri and Talbi (2014); Kaouther and Besma (2014) reported that economic and financial shock arising from inflation, price and money supply instability, non-availability and accessibility of credit for Humanities and Social Sciences Letters

There is the dearth of empirical evidence on the relationship between corporate tax, aggregate federally collected tax revenues and economic growth, predominantly in the post-electronic tax era. This study seeks to assess whether corporate taxes affects aggregate federally collected tax revenues and economic growth using quarterly time-series data as extracted from the official websites of the Federal Inland Revenue Service, National Bureau of Statistics (NBS) and Central Bank of Nigeria (CBN) Statistical Bulletin covering during the period 2015q1-2020q1. The Multivariate Vector Auto Regression result revealed that corporate taxes positively and significantly affect aggregate federally collected tax revenue; company income tax (CIT) and economic growth (RGDP) were statistically significant while petroleum profit tax (PPT) is statistically insignificant to economic growth (RGDP). In view of this result, it is recommended that the Nigerian government should diversify measures aimed at jettisoning leakages in the administration of corporate tax, particularly petroleum profit and company income taxes since they contribute significantly to the revenue base of the country. Moreover, more measures that are stringent should be put in place to revitalize and fully automate the tax systems for improved revenue generation. The study is limited to the post-electronic tax system payment in Nigeria which was occasioned by tremendous improvements in the tax administration system in the Country.

The study aims to determine the impact of value for money auditing in Ebonyi State with regards to ensuring efficient and effective accountability of public fund, as well as to ascertain how the application of value for money audit helps in enhancing the transparency of accounting system. Two hypotheses were put together in line with the objectives of the study. Survey method was adopted as the research design and data was collected through the use of questionnaire. Data generated was examined using percentages and the formulated hypotheses were tested with the help of chi-square statistical formula at 5% level of significance. It found that value for money audit has a significant impact in ensuring that the public fund is effectively and efficient accounted for; it also reveal that value for money audit is capable of enhancing the transparency of accounting system. The implication of this finding is that the absence of audit department or adequate qualified value for money audit staff in any sector will result to ineffective and inefficient transparency of accounting system and unaccountability of public fund. This study concludes that the impact of value for money audit in the performance of public sector cannot be overemphasized where there is no political and administrative interference of the controlled council officials. Therefore, the study recommends among others, that the government should improve the remuneration and fringe benefits of auditors as this would enhance their efficiency and sincerity in carrying out their duties.

The paper aims to explore how the introduction of an electronic tax system impacts on economic growth in Nigeria. The neoclassical growth theory and Technology Acceptance Model (TAM) was used in the study. Based on diagnostic tests, Autoregressive Distributed Lag bounds test regression model was adequately created. The quarterly secondary data of Central Bank of Nigeria and tax statistics data were divided into two periods for analysis: from 2011q1 to 2015q3 pre-electronic tax period (pre-e-tax) and from 2015q4 to 2020q4 post-electronic tax period (post-e-tax). In pre-e-tax in the long-run, education trust fund revenue strongly enhances economic growth, company income tax and stamp duty are moderate revenue earners for economic growth, while petroleum profit tax revenue have moderate negative impact on economic growth. Value added tax and capital gain tax revenues insignificantly decreases in economic growth in the same period. In post-e-tax in the long run, value added tax, petroleum profit tax, and capital gin tax insignificantly decreases economic growth, while company income tax, education trust fund, and stamp duty insignificantly enhance it. For pre-e-tax revenue in the short-run, education trust fund strongly decreases economic growth, value added tax and petroleum profit tax had insignificant positive influence, while company income tax, capital gain tax, and stamp duty had no impact. For post-e-tax revenue in the short-run company income tax had no influence, value added tax had moderate negative impact, petroleum profit tax had a strong positive impact, education trust fund, capital gain tax, and stamp duty had strong negative impact on economic growth. To optimize the relationship between tax structure and economic growth, tax evasion, corruption, and tax avoidance should be checked.