Revenue Sharing Formula In Nigeria 2018

The revenue realized is paid into a the consolidated revenue fund. Vanguard analysis showed that nigeria s daily income from oil shot up by 83 per cent to 112 9 million at the end of q1 2018 from 61 8 million in q1 2017 courtesy of higher crude oil. The impact of revenue allocation formula of individual federating units on economic growth of nigeria is demonstrated in the study of usman 2011 utilizing ols technique finds that both shares.

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Nigeria revenue sharing formula.

Revenue sharing formula in nigeria 2018. States local councils to get more funds says rmafc also 13 percent of oil and gas federally collected revenue is returned to the oil producing states as. Government revenue allocation is one aspect of governance that grabs the interests of politicians and citizens of the country. An ad hoc committee of the house of representatives on friday described the current revenue allocation formula in the country as illegal on account that it didn t receive the. Tinubu who made the call while inaugurating the ondo state revenue house in akure described the present revenue sharing formula in nigeria as awkward.

3 for the purposes of subsection 2 of this section and for the avoidance of any doubt the distinction hitherto made between on shore and off shore oil mineral revenue for the purpose of revenue sharing and the administration of the fund for the development of the oil mineral producing areas is hereby abolished. In our previous post on the major sources of government revenue and government expenditures we ve talked about how the federal government derives its revenue from different sources. Under the current revenue sharing formula the federal government takes 52 68 percent the states 26 72 percent and the local governments 20 60 percent with 13 percent derivation revenue going to the oil producing states. Revenue sharing formula in nigeria the revenue mobilization allocation and fiscal commission rmafc is charged with the duty of revenue sharing between the three tiers of government.

This paper seeks to examine the pros and cons of a new revenue formula the. Under the current revenue sharing formula the federal government takes about 52 68 per cent the 36 state. He spoke after he received an award of excellence from the nigeria civil service union. Under the current revenue sharing formula each month the federal government takes the major share of 52 68 from the federation account the 36 states get 26 72.