Background It is now common knowledge that Nigeria is a veritable breeding ground for startups. In recent times, startups in Nigeria have grown in an unimaginable proportion. Notwithstanding this increase in growth, only a handful of them have been able to withstand the storm. A lot of other startups are usually washed off the shores…
The 1999 Constitution Section 167 Any payment that is required by this Part of this Chapter to be made by the Federation to a State shall be a charge upon the Consolidated Revenue Fund of the Federation and any payment that is so required to be made by a State to the Federation shall be…
The 1999 Constitution Section 165 Each State shall, in respect of each financial year, pay to the Federation an amount equal to such part of the expenditure incurred by the Federation during that financial year for the purpose of collection of taxes or duties which are wholly or partly payable to the State pursuant to…
The 1999 Constitution Section 163 Where under an Act of the National Assembly, tax or duty is imposed in respect of any of the mattersspecified in item D of Part II of the Second Schedule to this Constitution, the net proceeds of such tax or duty shall be distributed among the States on the basis…
The 1999 Constitution Section 162 (1) The Federation shall maintain a special account to be called “the Federation Account” into which shallbe paid all revenues collected by the Government of the Federation, except the proceeds from the personal income tax of the personnel of the armed forces of the Federation, the Nigeria Police Force, the…
The 1999 Constitution Section 125 (1) There shall be an Auditor-General for each State who shall be appointed in accordance with the provisions of section 126 of this Constitution. (This section creates the office of the Auditor General of a state and how a person shall be appointed in accordance with section 126 of the…
The 1999 Constitution Section 122 If the Appropriation Bill in respect of any financial year has not been passed into Law by the beginning ofthe financial year, the Governor may authorize the withdrawal of moneys from the Consolidated Revenue Fund of the State for the purpose of meeting expenditure necessary to carry on the services…
The 1999 Constitution Section 120 (1) All revenues or other moneys raised or received by a State (not being revenues or other moneys payableunder this Constitution or any Law of a House of Assembly into any other public fund of the State established for a specific purpose) shall be paid into and form one Consolidated…
The 1999 Constitution Section 86 (1) The Auditor-General for the Federation shall be appointed by the President on the recommendation of the Federal Civil Service Commission subject to confirmation by the Senate. (The Federal Civil Service Commission is responsible for recommending to the President who the Auditor General of the Federation will be but this…
The 1999 Constitution Section 84 (1) There shall be paid to the holders of the offices mentioned in this section such remuneration, salaries and allowances as may be prescribed by the National Assembly, but not exceeding the amount as shall have been determined by the Revenue Mobilization Allocation and Fiscal Commission. (The National Assembly may…
