Home ALLOCATION OF REVENUE (FEDERATION ACCOUNT‚ ETC.) ACT ARRANGEMENT OF SECTIONS SECTION 1. Distribution of the Federation Accounts‚ etc. 1 Formula for distribution between the Federal and State Governments. 1 Formula for distribution between Local Government Councils. 1 Proportion of revenue to be paid by each State to Joint Local Government Account. 1 Allocations under special Funds. 1 Establishment of Federation Account Allocation Committee and functions. 1 Establishment of Joint
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REVENUE ALLOCATION FORMULA IN NIGERIA INTRODUCTION Prior to the discovery of oil in Nigeria‚ other sectors of the economy thrived. Agriculture‚ for instance‚ was a major source of revenue for the Western Region. The Eastern Region that was less endowed devised other sources of revenue. All this has however changed since the discovery of oil in the country. This has led to the demise of the other productive sectors of the economy. In fact‚ Nigerians are poorer today than they were in the pre-oil boom
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issue of equitable revenue allocation in Nigeria. It is an issue which has been politicised by successive administrations in Nigeria both Military and civilian regimes. Indeed‚ in virtually all federations in which the constitution shares power between the central and regional or state governments and‚ for each level to be “within a sphere co-ordinate and independent” (Wheare 1963:93) enough resources need be allocated to each tier to justify their existence. For many years‚ Nigeria has been searching
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Top-up Degrees (Entry to year 3 – UK Universities) Acceptance to a university programme is at the discretion of the individual university Top-up degrees are of one year duration‚ entering onto the final year of the full time undergraduate BA / BSc Honours degrees. Students who have an HND (Higher National Diploma) may progress onto the final year of a degree programme‚ subject to unit grade performance at HND‚ and English language capability (usually IELTS 6.0) The following universities
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Revenue means income. Allocation means to divide. Revenue allocation is defined as the division of available resources within an organisation or company. At a broader level‚ it is the process of assigning a cost to the amount of services and products generated. Government revenue is obtained from taxes‚ licenses and fees and allocated to public facilities. Because of the current revenue allocation formula in Nigeria‚ though there is a great deal of wealth in the country from the oil industry‚ 64%
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Introduction Nigeria is Africa’s leading producer of oil and the seventh largest producer of crude oil in the world‚ and equally endowed with other numerous natural resources. But rather than utilizing its resources for maximum development‚ the country is unfortunately bedevilled with how to efficiently and effectively distribute oil revenues in an equitable manner. The revenue allocation phenomenon in Nigeria is basically the issue of distribution of national (resources) revenue‚ mobilized by the
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Revenue allocation is the distribution of revenue‚ or total income‚ through a business‚ corporate or government structure. It often involves a complex process of determining how and where to funnel revenues in order to best maintain the viability and operating structure of an organisation. The present formula gives the Federal Government 52.68 per cent‚ state governments 26.72 per cent and local governments 20.6 per cent. llllllllllllllllllllllllllllllllllllllllllllllllllllllllllll- llllllllll
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matters in Nigeria‚ like it is with most developing economies in the world‚ and personally I believe Nigeria has the potential to be one of the biggest construction markets on this planet. While the world is still struggling to emerge from the global economic collapse‚ Nigeria’s construction industry is growing fast and is likely to grow astronomically over the next decade‚ according to forecasts made in a June 2010 reports by Global Construction Perspectives and Oxford Economics. These trends in every
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Revenue allocation formulae: The current revenue allocation formulae is 52.68%‚ 26.72% and 20.60%.for the F.G‚ States and L.Gs respectively | FEDERAL GOVT. | STATE GOVT. | LOCAL GOVT. | | | | | |52.68% |26.72%
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UNDERSTANDING THE REVENUE ALLOCATION FORMULA New Nigerian September 5‚ Daily Champion Sept.6‚ Daily Trust Sept.7‚ Leadership Sept. 7‚ Sunday Tribune Sept. 10‚ Daily Sun Sept 12‚ Vanguard Sept.15&10‚ Daily Independent October 4‚ 2006 It was my last official outing as Head of Public Relations at the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) when I joined other members of the Commission to the inauguration of a Special Committee on Revenue Allocation constituted by Federal
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