Animalscaretips
- Which Constitution established the revenue Allocation Commission?
- What is the current revenue allocation formula used in Nigeria?
- What is the name of the body charged with the revenue allocation responsibility in Nigeria?
- What is Nrmafc?
- What was the highest court in Nigeria before 1963?
- What are the sources of government revenue?
- How many local govt do we have in Nigeria?
- What was the purpose of fiscal federalism?
- WHAT IS A allocation formula?
- Why was the Willinks commission set up?
- How much revenue is shared from the federal government to the states?
- What are the four sources of government revenue?
- What is federation account in Nigeria?
Which Constitution established the revenue Allocation Commission?
Formal Revenue Allocation started in Nigeria in 1946 when the Regional Governments were granted internal autonomy by the Richard's Constitution which also shared responsibilities between the Regions and the Federal Government.
What is the current revenue allocation formula used in Nigeria?
The present vertical Revenue Allocation Formula is: Federal Government 52.68%; State Governments 26.72%; Local Governments 20.60% and Derivation Formula 13%.
What is the name of the body charged with the revenue allocation responsibility in Nigeria?
As the Revenue Mobilization, Allocation and Fiscal Commission (RMAFC) prepares to review the country intergovernmental fiscal relations, one begins to wonder if there is, indeed any justification for increased revenue to the states.
What is Nrmafc?
49 of 1989 as National Revenue Mobilisation Allocation and Fiscal Commission (NRMAFC), a body created to handle revenue allocation and fiscal matters on a continuous basis unlike previous Commissions or Committees which were ad-hoc in nature as they were dissolved on completion of their respective assignments.
What was the highest court in Nigeria before 1963?
The Supreme Court was established in 1956 (as the Federal Supreme Court) and was initially subject to the appellate jurisdiction of the United Kingdom's Judicial Committee of the Privy Council, until 1963 when it became a final court of appeal in the Nigerian legal system.
What are the sources of government revenue?
Tax is one of the major sources of revenue for the government to carry out its work. Tax revenue can be classified into a few major categories — corporation tax, tax on income, Customs, Union excise duties, service tax, and several others. Corporation tax is the biggest source of revenue for the government.
How many local govt do we have in Nigeria?
There are 774 local government authorities (LGAs) and six area councils.
What was the purpose of fiscal federalism?
The field of fiscal federalism studies how to divide responsibilities (including finances) among federal, state, and local governments to improve economic efficiency and achieve various public policy objectives.
WHAT IS A allocation formula?
Components of Allocation Formulas. As their name implies, formula allocation programs allocate funds to recipients (governments or individuals) via a formula. Many formulas depend on the need of the recipient, and it is also common for formulas to include measures of fiscal capacity.
Why was the Willinks commission set up?
In 1957, the Willink Commission was established to look into the authenticity of the fears and agitations of the minorities and to find means of allaying their fears.
How much revenue is shared from the federal government to the states?
Federal Budget
Federal receipts were 64 percent of the total, while state and local receipts (excluding intergovernmental transfers) were 21 percent and 15 percent, respectively.
What are the four sources of government revenue?
In accordance with this system, the revenue of the central government includes tariff, consumption tax and value added tax levied by the customs, consumption tax, income tax of the enterprises subordinate to the central government, income taxes of the local banks, foreign-funded banks and non-bank financial ...
What is federation account in Nigeria?
All federally-collected revenue is deposited into Federation Account, except that classified as Federal Government independent revenue. ... The Federation Account funds are transferred to the Federal Government, State Governments and Local Governments.
