Thesis Abstract

Abstract
Local government internal revenue plays a crucial role in fostering socio-economic development within a region. This study aims to investigate the impact of local government revenue on various aspects of socio-economic development, including infrastructure improvement, education, healthcare, and overall community well-being. Through a comprehensive analysis of data from multiple local governments, this research explores the relationship between internal revenue generation and the level of development achieved in different regions. The findings indicate a strong positive correlation between the amount of internal revenue collected by local governments and the quality of infrastructure within their jurisdictions. Regions with higher internal revenue tend to invest more in infrastructure projects such as roads, bridges, and utilities, leading to improved connectivity and economic growth. Additionally, the study reveals that local governments with higher revenue are better equipped to provide essential services such as education and healthcare to their residents, ultimately contributing to a higher quality of life for the community. Furthermore, the research examines the role of local government revenue in promoting job creation and entrepreneurship within a region. The results demonstrate that regions with robust internal revenue systems are more likely to attract businesses, create employment opportunities, and stimulate economic activity. This, in turn, leads to increased household income, reduced poverty levels, and overall prosperity for the community. Moreover, the study delves into the importance of transparent and efficient revenue collection mechanisms in maximizing the impact of local government revenue on socio-economic development. It highlights the significance of good governance practices, accountability, and stakeholder engagement in ensuring that internal revenue is effectively utilized for the benefit of the community. By fostering trust and cooperation between local governments and residents, revenue collection processes can be optimized to support sustainable development and long-term growth. In conclusion, this research underscores the critical role of local government internal revenue in driving socio-economic development at the grassroots level. By exploring the relationship between revenue generation and various development indicators, this study provides valuable insights for policymakers, practitioners, and stakeholders seeking to enhance the well-being of communities through effective fiscal management and strategic resource allocation.

Thesis Overview

1.1            BACKGROUND OF THE STUDY

Socio-economic development is a process every community or locality would like to undergo. It is the process of social and economic development in a society, which is measured with indicators such as; quality education, gross domestic product (GDP), life expectancy, and levels of employment among its citizens. The presence of these indicators makes life easy for both the citizens and the governance of the people. Socio-economic development can occur both at the higher and lower government of a nation.

A local government which is an administrative body for a small geographic area, such as a city, town, county, or state can also experience socio-economic development either by the federal or state or local government itself. Since a local government will typically only have control over their own specific geographical region, this implies they can develop their jurisdiction. They can also elect officials, enact taxes, and do many other things that a national government would do, but on a smaller scale.

Since the local government can contribute to the socio-economic development of their locality, it implies they can actually source for their own revenue within the local government. The total dependence for revenue on the federal and state government might not be enough for a sincere government. This should serve as a catalyst for the local government to generate their own internal revenue so as to attain maximum socio-economic development year in year out.

The only deterrent factor the local government can face is their government policy. If they have good policies that navigate the running of the locality, then they can boast of a productive socio-economic development. Even though Nigeria at large is still struggling in the face of developing economy, socio-economic development can start from the localities instead of depending totally on the federal and state government.

The task for the local government will definitely be how to generate its own internal revenue through different means.

1.2            STATEMENT OF THE PROBLEM

Nigeria at large is still struggling in the face of a developing economy and as well lagging behind in socio-economic transformation. The task for nationwide development might be too much on the shoulders of the federal and local government. The study therefore, addresses socio-economic development at the local level through the internal revenue generated by the local government.

1.3     RESEARCH QUESTION                                                                      

1.     Do local governments generate their own internal revenue?

2.     Is socio-economic development a basic need in a locality?

3.     Can the local government internal revenue be channeled to socio-economic development?

1.4     AIMS AND OBJECTIVE OF STUDY

The aim of this studies is to critically study how the local government can attain socio-economic development from its internal revenue. The objectives are:

1.     To ascertain if local governments generate their own internal revenue.

2.     To study whether socio-economic development a basic need in any locality.

3.     To determine if the local government internal revenue be channeled to socio-economic development.

1.5     SCOPE OF THE STUDY

The idea of the research work is to study if the local government can channel its internal revenue to socio-economic development in Nigeria.

1.6     SIGNIFICANCE   OF   THE   STUDY

This research will look critically into the socio-economic development with the internal revenue generated by the local government in Nigeria.

1.7   LIMITATION OF THE STUDY

Finance for the general research work will be a challenge during the course of study. Correspondents also might not be able to complete or willing to submit the questionnaires given to them.

However, it is believed that these constraints will be worked on by making the best use of the available materials and spending more than the necessary time in the research work. Therefore, it is strongly hoped that despite these constraint, its effect on this research report will be minimal, thus, making the objective and significance of the study achievable.

1.8     DEFINITION OF KEY WORDS

Socio-economic development: is the process of social and economic development in a society. It is measured with indicators, such as gross domestic product (GDP), life expectancy, literacy and levels of employment

Local government: An administrative body for a small geographic area, such as a city, town, county, or state.

Internal revenue: Monies collected by a government through imposition of levies and taxes on facilities, incomes, sale of goods and services, transfers of properties, and other domestic transactions, as opposed to monies collected from duties imposed on imports and other international transactions. Also called Inland Revenue.