This study was carried to investigate the relevance of petroleum profit tax to the Nigerian economy with a particular reference to Federal Inland Revenue Service (FIRS). To achieve this objective, three research questions and three research hypotheses were formulated to guide this study. The data was collected from both primary and secondary sources. The primary data were collected with the help of a well-structured questionnaire of two sections administered to the staff and management of Federal Inland Revenue Service (FIRS). The collected data were analyzed with tables and descriptive statistics to analyze the research questions while Pearson Correlation statistical method was used to test research hypotheses. All data were coded using SPSS software. The study reveals there is a significant relationship between petroleum profit tax and the growth of the Nigerian economy; there is a significant relationship between company income tax and economic growth in Nigeria and there is a significant relationship between personal income tax and economic growth in Nigeria. The study concluded with some recommendations that The Federal government should attend to the issues of tax avoidance and evasion by exploration and production companies. This study has laid down some of the major causes of tax avoidance and of all it was observed that respondent groups believe that the low quality of public goods provided by federal government reduces the tax morale of exploration and production companies when it comes to the issue of tax.