Sources of Revenue in Nigeria

Nigeria operates a federal structure of judicature. The 1999 nature guarantees the existence of the federating units.The Constitution of the Federal Republic of Nigeria recognizes three tiers of government: federal, secernate, and local.
The Constitution spells come 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 synchronic Legislative List, on which both the federal and the state governments can act. In addition, Section 4 (7a) assigns the so-called residual functions to state governments. These are functions not specified either in the Exclusive 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 issue 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 classified 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-collected revenues but from 1973 to now the voice from the non-oil sources have reduced drastically. This invariably makes may for the oil sources to render a major share of the government revenue.
Foreign put back earnings from export of agricultural commodities such as cocoa, plow produce, rubber, groundnut e.t.c. as major sources of foreign exchange earning and government revenue.
The federal constitution of Nigeria, provides that all revenue collected to a lower place federal laws be known as federally collected revenue and paid into...If you want to get a unspoiled essay, order it on our website: Orderessay



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