Government all over the world is saddled with the responsibility of improving the welfare of the citizenry by providing key infrastructure that forms the basis of economic growth. Over the years, it has been observed that a substantial part of revenue generated in Nigeria is from taxes, yet the role of taxation in promoting economic activities and growth is not felt, mainly because of feasible evidences which cannot be seen nor perceived by the citizens in terms of infrastructure and basic amenities. Past documentations have revealed that revenue from taxes in developed nations have high impact on its economic growth which is clearly seen by the amenities provided by such nations. Thus, the main objective of this study was to explore the relationship between tax revenue and economic growth and infrastructural development in Nigeria. Multiple Linear Regression analysis was employed to analyze the data. The findings revealed that petroleum profit tax, company income tax and value added tax have a positive impact on Nigeria’s economic growth and infrastructural development, though not significant enough to be felt directly with Adjusted R2 of .0013 and p value of 0.37. The conclusion from the study was that the utilization of the generated revenue from taxes calls for serious concern, and requires a special attention of policy makers, non-compliance with tax laws on the part of the tax payers is a hindrance and ineffective administration of tax has given enough loop holes for tax evasion, the consequence of which is poor revenue. It was recommended among others therefore, that generation of tax revenue should be enhanced through better administrative efficiency and tax policy and also that reasonable amount generated from taxes should be utilized for financing infrastructural development.