THE IMPORTANCE OF EQUITABLE ALLOCATION OF REVENUE RESOURCES IN NIGERIA
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THE IMPORTANCE OF EQUITABLE ALLOCATION OF REVENUE RESOURCES IN NIGERIA
PROPOSAL ON THE IMPORTANCE OF EQUITABLE REVENUE ALLOCATION IN NIGERIA
Equitable Revenue Allocation is a revenue allocation given to the air economy in order to decrease inequities among them in terms of the financial resources available in the country.
Population, size, wealth, and level of development are all important criteria to consider when allocating funding. The allocation of revenue based on the aforementioned elements will assist the economy in achieving economic growth and development,
which is the most crucial aspect of any successful economy. Because of such inequities, the necessity for revenue allocation develops.
When revenue resources are dispersed evenly to diverse sectors of the economy, the following benefits may be realised:
Raising the standard of living:
If tax resources are allocated evenly in a given economy, the standard of living in that area will rise.
Economic growth and development are dependent on available resources, therefore the more resources that are fairly allocated in the economy, the higher the level of development. The funds might be used to build roads, provide health care, and power, among other things.
Employment opportunities are established for the public when resources are allocated for the provision of infrastructure.
Poverty alleviation: This is a method of eradicating poverty in a certain country. It is carried out by any sector of the economy. This may be achievable if the sector is properly allocated.
Nigeria’s revenue sources are as follows:
Taxation is a mandatory levy paid by individuals to the government from their profits.
Agriculture: Prior to the development of petroleum extraction, agriculture was the government’s primary source of money.
Rent: The state and federal governments make a fortune through the use of poverty by the masses.
Specific charges: These are costs levied by the government in an attempt to absolve an offence. Other fees levied by the government include automobile licence fees, market fees, and so on.
CHAPTER ONE: THE IMPORTANCE OF EQUITABLE REVENUE RESOURCES ALLOCATION IN NIGERIA
Equitable Revenue Allocation is a revenue allocation given to the air economy in order to decrease inequities among them in terms of the financial resources available in the country.
Population, size, wealth, and level of development are all important criteria to consider when allocating funding. The allocation of revenue based on the aforementioned elements will assist the economy in achieving economic growth and development,
which is the most crucial aspect of any successful economy. Because of such inequities, the necessity for revenue allocation develops.
When revenue resources are dispersed evenly to diverse sectors of the economy, the following benefits may be realised:
Raising the standard of living:
If tax resources are allocated evenly in a given economy, the standard of living in that area will rise.
Economic growth and development are dependent on available resources, therefore the more resources that are fairly allocated in the economy, the higher the level of development. The funds might be used to build roads, provide health care, and power, among other things.
Employment opportunities are established for the public when resources are allocated for the provision of infrastructure.
Poverty alleviation: This is a method of eradicating poverty in a certain country. It is carried out by any sector of the economy. This may be achievable if the sector is properly allocated.
Nigeria’s revenue sources are as follows:
Taxation is a mandatory levy paid by individuals to the government from their profits.
Agriculture: Prior to the development of petroleum extraction, agriculture was the government’s primary source of money.
Rent: The state and federal governments make a fortune through the use of poverty by the masses.
Specific charges: These are costs levied by the government in an attempt to absolve an offence. Other fees levied by the government include automobile licence fees, market fees, and so on.
CHAPITRE ONE
INTRODUCTION
In a federal community like Nigeria, revenue allocation can be described as an endeavour by the central government to decrease inequalities in the country’s financial resources among its many units.
There are various possible disparities within the economy, such as population, size, wealth, level of development, and so on. All of these factors should be considered to ensure the rational allocation of revenue resources not only to various units of the economy but also to various sectors of the economy,
which will undoubtedly lead to the attainment of economic growth and development, which are the most essential elements that should be attained in any successful economy.
The necessity for revenue allocation comes primarily as a result of such disparities in the financial resources available to both the relatively rich and relatively poor levels of government. In Nigeria, some states are far ahead of others in terms of development;
therefore, when allocating revenue resources, the authority should put in place certain persuasions that will lead to equitable allocation of funds and avoidance of maginalization ideas in the country at large. One of the causes that drives people in some localities to make false claims about being marginalised by the government is development.
Nigeria is a democratic state comprised of multi-ethnic groups, necessitating a reasonable allocation of financial resources to each state and community in Nigeria.
1.1 OBJECTIVE/AIM OF THE STUDY
For many years, revenue allocation has been a contentious subject in Nigeria. As a result of this prevalent issue, the author has created this study in order to offer some advantageous methods for allocating tax resources to various sectors of the economy.
However, it also suggests specific machines for proper implementation of the offered remedies. These machineries could be corporate bodies of individuals capable of carrying out the task to the grass roots in order to achieve the study’s goal.
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