Sources of Revenue in Nigeria

Nigeria operates a federal structure of judicature. The 1999 nature guarantees the existence of the federating units.The fundamental law of the Federal Republic of Nigeria recognizes three tiers of government: federal, secernate, and local. The Constitution spells get along with in the assignment of functions and areas of fiscal jurisdiction among the various units of the Nigerian federal system. The current 1999 Constitution, in Section 4 (Second Schedule), indicates the sole(a) legislative List, consisting of the responsibilities on which only the federal government suffer act, and the simultaneous Legislative List, on which both the federal and the dry land governments croup act. In addition, Section 4 (7a) assigns the so-called residual functions to state governments. These are functions not specified either in the soap List or the Concurrent Legislative List. Section 7 (5) (Fourth Schedule) of the Constitution provides for the establishment of Local Government Councils with responsibilities set tell apart in the Fourth Schedule of the Constitution. THE VARIOUS SOURCES OF REVENUE IN THE THREE TIERS OF GOVERNMENT IN NIGERIA Revenue generation efforts by government have been from various sources. However, there could be categorise into 2 main sources of revenue in Nigeria. There are the oil and non-oil sources.

Over the year, prior to 1973, the revenue from non-oil source contributed to lx percent of the federally self- unruffled revenues but from 1973 to now the sound from the non-oil sources have reduced drastically. This invariably makes may for the oil sources to visualize a maj! or share of the government revenue. Foreign establish back earnings from export of agricultural commodities such as cocoa, plow produce, rubber, groundnut e.t.c. as major sources of foreign modify earning and government revenue. The federal constitution of Nigeria, provides that all revenue collected to a lower place federal laws be cognise as federally collected revenue and paid into...If you extremity to get a unspoiled essay, order it on our website: OrderCustomPaper.com

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