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ISSN 1004-9037
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Edited by: Editorial Board of Journal of Data Acquisition and Processing
P.O. Box 2704, Beijing 100190, P.R. China
Sponsored by: Institute of Computing Technology, CAS & China Computer Federation
Undertaken by: Institute of Computing Technology, CAS
Published by: SCIENCE PRESS, BEIJING, CHINA
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      1 Jan 2024, Volume 39 Issue 1   
    Article

    THE IMPACT OF NIGERIA'S NON-SUBSIDY REGIME ON ACCOUNTING AND NATIONAL DEVELOPMENT
    Ogunmakin Adeduro Adesola1*, Adebayo Adesodun Isaac2, Eniola Omoniyi Jacob3, Dada Raphael Adekola4, Olaniyi Rafiyat Bosede5
    Journal of Data Acquisition and Processing, 2024, 39 (1): 1182-1195 . 

    Abstract

    This study examines the profound impact of Nigeria's transition from a subsidy regime to a non-subsidy regime on accounting practices and its wider implications for national development. The investigation is centered on a comparative analysis of the Company Income Tax (CIT) sectoral collections during the first quarter of 2023 (subsidy regime) and the second quarter of 2023 (non-subsidy regime). During the subsidy regime in Q1 2023, notable sectors such as Accommodation and Food Service Activities, Financial and Insurance Activities, Agriculture, Forestry, and Fishing, Information and Communication, Mining and Quarrying, and Real Estate Activities demonstrated resilience, contributing significantly to CIT collections. These contributions hinted at the potential for economic recovery and stability in various sectors during the subsidy era. Upon transitioning to the non-subsidy regime in Q2 2023, these sectors exhibited remarkable growth, underscoring their ability to maintain momentum and indicating a sustained economic recovery. However, the Information and Communication sector, while showing signs of recovery, had not fully regained its previous strength, warranting further policy attention. This transition did not impede overall economic growth, as evidenced by continued positive trends in CIT contributions from various sectors. This suggests that the shift from subsidies to non-subsidies may have positive implications for the Nigerian economy. Nevertheless, further comprehensive analysis considering broader economic factors is essential to fully understand the implications of this transition for national development. In addition, the study explores the impact of price changes in locally consumed goods following the subsidy removal, revealing substantial increases in food and fuel prices. These price hikes can have significant repercussions on household budgets, consumer purchasing power, and overall economic stability. Policymakers are urged to address these inflationary pressures and consider the wider economic and social implications of subsidy removal on essential items and fuel prices.

    Keyword

    Non-subsidy regime, Subsidy removal, National development, Price increases, Sustainable growth, Economic stability.


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ISSN 1004-9037

         

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