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Taxation has had a significant impact on the global economy. In addition to the revenue generation function it performs for the government, it has also proved to be a useful tool of fiscal policy in achieving the country’s macro-economic objectives. In Nigeria, revenue generation from taxes has substantially contributed to the income of the government, although the role of taxes in promoting economic growth has not been adequately felt. Past documentation has revealed that revenue from taxes in developed nations has a high impact on its economic growth, which is clearly seen by the social amenities provided by such nations. Thus, the main objective of this study is to explore how reengineering taxation can serve as a source of economic stabilisation in Nigeria.