Revenue allocation formula
The house of representatives has posited that the current revenue allocation formula in the country is illegal and unconstitutional as it is yet to be approved by any authority. Me how this revenue allocation formula can ever allow peace and stability in any country, not just in nigeria, which. Revising nigeria's revenue allocation formula - aftermath of a supreme court ruling by mobolaji e aluko, phd burtonsville, md, usa 1 the concern about the 2002 budget. The inauguration which was held on august 23, 2006 came in the realization that since the 1992 revenue allocation formula, the nation. The senate on thursday declared that the current revenue allocation formula is unconstitutional because it came into force before the introduction. Revenue allocation in nigeria: need for 320 principles and formula for revenue allocation 61 510 seeking for an equitable revenue allocation formula. Revenue allocation formula in nigeria introduction prior to the discovery of oil in nigeria, other sectors of the economy thrived agriculture.
Commission on revenue allocation, westlands, kenya 58k likes the commission on revenue allocation (cra) is an independent commission set up under. Committee to take decision on onshore/offshore dichotomy tuesday the national conference committee on devolution of powers has proposed a new revenue allocation formula that would see the federal government allocated 425 per cent, states 350 per cent and local governments 225 percent. ☛ what are problems of revenue allocation in nigeria ☜it`s one of the reasons why nigeria can`t become a the latest revenue allocation formula was adopted in. And that my friend is one way to allocate an amount into monthly columns revenue for a while and this formula formula for an even allocation. Revenue allocation in nigeria and the dependency on oil revenue: the need for alternativ solutions akujuru, chukwunonye abovu.
Use of revenue allocation groups in fair value calculations the use of revenue allocation groups formula can then be linked the item revenue. Formula allocation procedure adopted an allocation formula mt a allocates st a revenue share funds to the mt a and. Running news – revenue allocation formula guardian january 25, 2005 federal govt gets more in new revenue formula raises derivation fund board from alifa daniel, abuja. The issue of revenue allocation formula arose with the discovery of crude oil and its replacement for agricultural produce as the main source of revenue to.
Revenue allocation is the distribution or division of total income, or revenue, in a business, corporate or government structure it involves a complex process that entails how and where to allocate. The revenue mobilisation allocation and fiscal commission on monday came close to confirming the punch’s exclusive report that the federal government under two presidents had frustrated the nation from getting the much sought-after new revenue formula in a statement made available to our. 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 on the grounds that it was never submitted to the national assembly by mr president.
Revenue allocation formula
“the new revenue formula is scientifically collected, statistically analyzed and systematically presented devoid of emotion, sentiment and political hanky-panky” engr hamman a tukur chairman rmafc. Wanted: equitable revenue sharing formula of the reasons for the high turnover in revenue allocation principles and formula is the relative share of each. 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.
- 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.
- 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.
- Akure—worried by the dwindling state of the economy, the governor olusegun mimiko of ondo state, yesterday, asked the federal government to review the revenue allocation formula for the purpose of development of states and local government areas.
Daily trust: the current allocation formula for the three tiers of governments as well as other sundry allocation modules have the backing of an extant law, passed by the national assembly, the revenue mobilization allocation and fiscal commission (rmafc), said on monday. 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. 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. 1 summary of market data revenue allocation formula overview regulation nms changed the formula for determining how market data income (revenue less.