THE IMPACT OF OIL REVENUE ON ECONOMIC GROWTH OF NIGERIA FROM 2000 TO 2022

This paper examined the impact of oil revenue on economic growth of Nigeria from 2000 to 2022. Specifically, the objective of the study includes to: examine the impact of oil revenue on gross domestic product in Nigeria, ascertain the impact of petroleum profit tax on gross domestic product in Nigeria. The data utilized for the study were extracted from the Central Bank of Nigeria statistical bulletin. The study adopted ordinary least square multiple regression approach for the analysis of the data. The findings of the study revealed that oil revenue had positive and significant effect on gross domestic product in Nigeria, petroleum profit tax had positive and significant effect on gross domestic product in Nigeria. Thus, the study concludes that oil revenue has a positive and significant impact on economic growth in Nigeria. The study recommends that oil revenue and petroleum profit tax should be channeled for the advancement of the economy and for capital investments