BUSINESS AND FINANCE JOURNAL

Tax incentives is an inbuilt expansionary tax fiscal policy that has the capacity to boost economic growth and prosperity. The scheme over time has been undermined, misused and abused by the relevant quarters. This study tends to rekindle the need and opportunity available in sincere implementation of tax incentives aids available to listed manufacturing firms in Nigeria. The study specifically examined the effect of tax incentives proxied by tax holiday, loss relief, capital allowance and tax credit on profitability of listed manufacturing firms in Nigeria; assessed the impact of tax incentives on market value; evaluated the influence of tax incentives on liquidity and analysed the effect of tax incentives on operational efficiency of listed manufacturing firms in Nigeria. The population of the study consisted of thirty-four (34) consumers and industrial goods firms listed on Nigerian Exchange Group (NGX). Purposive sampling technique was used in selecting 20 firms for a period of twelve years from 2012 to 2023. Secondary data on variables such as tax holiday, loss relief, capital allowance, tax credit, profitability, liquidity, market value and operational efficiency were obtained from the audited annual reports of the sampled firms and website of Nigerian Investment Promotion Commission (NIPC).  Descriptive statistics, correlation analysis, variance inflation factors and Dynamic Generalised Methods of Moment were employed as data analysis techniques. The result from objective one revealed that tax incentives proxied by annual allowance (t= 0.1920,  p

As a nation grapples with development challenges, the strategic utilization of deficit budgets emerge as a prominent policy tool for fostering economic expansion. This study examined the effects of deficit budget financing on economic growth in Nigeria from 1981 to 2023. Ex-post-facto design was adopted for the study. Three hypotheses were formulated and tested at 0.05 level of significance. The study employed secondary data obtained from published statistical bulletin of Central Bank of Nigeria between 1981 to 2023. The data gathered was analysed using ordinary least square regression technique via E-views version 9. Findings revealed that Federal Government domestic debts, external debts and exchange rate have a significant effect on real gross domestic product in Nigeria between 1981 to 2023. It was recommended that the federal government of Nigeria should maintain optimum level of domestic debt as it represents a veritable mechanism through which the much-desired accelerated and sustainable economic growth can be achieved.

This study investigates the enduring structural and institutional constraints affecting Nigeria’s personal income tax system from 1960 to 2025, focusing on issues of equity, taxpayer compliance, and administrative efficiency. The objective is to assess the extent to which successive legislative reforms have addressed these challenges and enhanced revenue mobilisation. Adopting a qualitative doctrinal and historical research approach, the study traces the development of personal income tax legislation from the Income Tax Management Act 1961 through the Personal Income Tax Act 1993 to the Nigeria Tax Act 2025. The analysis is anchored on the Ability-to-Pay, Equity, Optimal Tax, Tax Compliance, and Institutional theoretical frameworks. The findings reveal that although successive reforms have improved legal clarity, progressivity, and the formal inclusiveness of the tax system, persistent weaknesses in institutional capacity, inconsistent enforcement, and low levels of taxpayer trust continue to undermine compliance and limit revenue performance. While the Nigeria Tax Act 2025 introduces significant innovations—particularly in expanding exemptions for low-income earners, accommodating digital and cross-border income, and promoting administrative modernisation—legislative reform alone has proven insufficient to deliver optimal outcomes without corresponding institutional strengthening. The study concludes by recommending sustained investment in tax administration, enforcement mechanisms, and trust-building measures to complement legal reforms. It contributes to the literature by offering a longitudinal doctrinal analysis of Nigeria’s personal income tax regime and by providing policy-relevant insights for enhancing equity, compliance, and revenue sustainability in emerging economies.

The sustainability of Nigeria's economic growth has come under scrutiny due to its significant reliance on oil exports and mounting external debt. Foreign direct investment (FDI) has been viewed as a possible engine for economic growth and diversification. Thus, the impacts of external debt, oil export and FDI on economic growth in Nigeria are examined in this study. Time series data was utilized spanning 43 years between 1981 and 2023 to analyze the dynamic relationships between external debt, oil exports, FDI, and economic growth. The empirical process includes preliminary analysis (descriptive analysis; pre-test: unit root test [using ADF test]; cointegration test [ARDL bounds test]); model estimation (ARDL model) and post-estimation test. Following the empirical analysis, it was found that economic growth was positively and significantly impacted by external debt and FDI in Nigeria. Similarly, it is discovered that oil export has a beneficial impact on economic growth, indicating its potential as a catalyst for economic expansion and diversification. The findings have significant ramifications for decision-makers who want to support Nigeria's sustainable economic development and prosperity. Based on the foregoing outcomes, the study recommends that the government should give careful external debt management first priority which would entail a thorough evaluation of the project, open reporting of debt, and a dedication to keeping debt-to-GDP ratios within reasonable bounds. The government should also look into value-added potential in the oil industry, and efforts should be made to draw in more FDI. 

The main objective of this study examines the effect of audit quality on financial performance of listed consumer goods sector in Nigeria. Specifically, the study assesses the effect of audit fee, audit size and auditor committee on financial performance of listed consumer goods sector in Nigeria. The theoretical framework for the study is the agency theory. The research design was ex-post facto research design. The research work used secondary data collected from financial statements of the listed consumer goods firms in Nigeria. The analysis was done using descriptive statistics, correlation analysis, fixed and random effect test and regression analysis for the test of hypotheses. The result of the study indicate that audit fee and audit size has significant effect on financial performance of listed consumer goods sector in Nigeria while and auditor committee has no significant effect on financial performance of listed consumer goods sector in Nigeria. The study therefore concludes that audit quality has positive and significant effect on financial performance of listed consumer goods sector in Nigeria. Amongst the recommendations is that consumer goods firms should determine the optimum audit fee that will not affect performance. Consumer goods firms should improve the audit size below the mean value and consumer goods firms should not be in a hurry to assign more than one responsibility to each of the auditor committee since it has significant effect on return on asset.

The main objective of this study examines the effect of audit quality on financial performance of listed consumer goods sector in Nigeria. Specifically, the study assesses the effect of audit fee, audit size and auditor committee on financial performance of listed consumer goods sector in Nigeria. The theoretical framework for the study is the agency theory. The research design was ex-post facto research design. The research work used secondary data collected from financial statements of the listed consumer goods firms in Nigeria. The analysis was done using descriptive statistics, correlation analysis, fixed and random effect test and regression analysis for the test of hypotheses. The result of the study indicate that audit fee and audit size has significant effect on financial performance of listed consumer goods sector in Nigeria while and auditor committee has no significant effect on financial performance of listed consumer goods sector in Nigeria. The study therefore concludes that audit quality has positive and significant effect on financial performance of listed consumer goods sector in Nigeria. Amongst the recommendations is that consumer goods firms should determine the optimum audit fee that will not affect performance. Consumer goods firms should improve the audit size below the mean value and consumer goods firms should not be in a hurry to assign more than one responsibility to each of the auditor committee since it has significant effect on return on asset.