Revenue allocation formula in nigeria
In an effort to find an acceptable formula for sharing of revenue in nigeria the general principle on which the revenue allocation in nigeria have been based. International journal of accounting research vol 2, no 7, 2015 publisher: zarsmi, uae, and regent business school, south africa 14 state governors and revenue allocation formula in. Problems and prospects of revenue allocation in nigeria revenue allocation formula indicated a major challenge prospects of revenue allocation in nigeria 1. Nigerian government revenue allocation the revenue allocation formula vertical allocation an analysis of the federal budgeting process in nigeria. Recommended county revenue laws revenue allocation formula cra news careers tenders downloads cra library faqs revenue allocation formula cra news. James emejo in abuja the revenue mobilisation allocation and fiscal commission (rmafc) on thursday said it was concluding preparations to submit the draft reports of the proposed new revenue allocation formula as well as the remuneration packages for political, public and judicial office holders to president muhammadu buhari for. Revenue allocation in nigeria: 320 principles and formula for revenue allocation in nigeria revenue allocation and its formula in nigeria is a. A former governor of edo state, adams oshiomhole, has called for the review of the revenue allocation formula in favour of states and local governments in the country.
Revenue allocation in nigeria and the dependency on oil revenue: is the root cause of the revenue allocation debacle in nigeria federalism. Politics of revenue allocation in nigeria: a reconsideration of some contending issues ikeji “the latest revenue allocation formula in nigeria. As of 2014, revenue allocation in nigeria is a highly controversial and politicized topic that the federal government claims is geared toward limiting intergovernmental competition, allowing. Nigerianfiscal federalism and revenue allocation formula for revenue allocation and political stability in nigeria revenue allocation and.
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 senate has described the present existing sharing formula of fund from the federal accounts allocation committee, faac, where the federal government receives 56 percent while state government and the local government councils get 24 and 20 percent respectively as archaic, saying the upper chambers would soon carry out a holistic.
This study empirically examines the impact of revenue allocation on economic development in nigeria revenue allocation on economic development formula. The revenue mobilization allocation and fiscal commission (rmafc) has insisted that the revenue allocation formula currently in operation is legal this followed recent media reports where it was alleged that the current revenue allocation formula is illegal. There is no doubt that the president of federal republic of nigeria is not only presiding over the other nigerians on the revenue allocation formula.
Revenue allocation formula in nigeria
Naijang news ★ ☛ what are problems of revenue allocation in nigeria ☜it`s one of the reasons why nigeria the latest revenue allocation formula was adopted. Agitations for a more equitable revenue sharing formula have been a thorny issue in nigeria this perhaps, propelled the revenue mobilisation allocation and fiscal commission (rmafc) to carry out a nationwide sensitisation programme recently.
President muhammadu buhari has been advised to, as a matter of urgency, submit a proposal on a new revenue allocation formula to the house of representatives. Revenue allocation in nigeria has been one of the most which adopted a revenue allocation formula on the basis of 50% on equality the writepass journal. Wanted: equitable revenue sharing formula nigerian revenue allocation formula is based on to have an acceptable revenue sharing formula in nigeria because of. Revenue allocation formula: rmafc adopts draft report, ready for submission the long awaited draft report on the proposed new revenue allocation formula currently being reviewed by the revenue mobilization allocation and fiscal commission has been unanimously adopted by members of the commission and is now ready for submission.
This study empirically examines the impact of revenue allocation on economic development in nigeria revenue allocation formula and its. Revenue allocation formula in nigeria pre-independence - download as text file (txt), pdf file (pdf) or read online. Analysis - the proposed new revenue allocation sharing formula is still being kept to the chest of the presidency but the clarion call being made is to free the other two tiers of government from the apron string of the centre. Laws of the federation of nigeria - allocation of revenue (federation account, etc) act. Posts about revenue allocation formula written by abujimoh abujimoh can any state in nigeria today survive without allocation from oil revenue. Dedicated to nigeria's president obasanjo has had to withdraw from national assembly consideration the new revenue allocation formula that had been prepared.