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The Revenue Mobilization Allocation and Fiscal Commission is an agency of the Federal Republic of Nigeria that oversees the revenues accruing to and disbursement of such funds from the Federal Account. The Body also ensures that there is conformity and equity in the nation's revenue allocation formulae.
Statutorily and administratively, the FIRS has the responsibility for the assessment, collection and accounting of taxes to the Government: [9] The timely provision and publication of accurate data and annual reports to the Federal Government of Nigeria and other stakeholders to inform national economic planning, academic research, tax policy and development legislation [10]
The Debt Management Office (DMO) is a government agency established on 4 October 2000, tasked with centralizing the management of Nigeria's debt. [1] It was created in response to challenges in Nigeria's debt portfolio, which included high external and domestic debt, substantial debt service, low external reserves, and weak debt management capacity.
Fiscal policy can be distinguished from monetary policy, in that fiscal policy deals with taxation and government spending and is often administered by a government department; while monetary policy deals with the money supply, interest rates and is often administered by a country's central bank. Both fiscal and monetary policies influence a ...
Vis-à-vis tax revenues, much less academic study has been conducted into the volume and distribution of non-tax revenues, [2] although the most significant forms — oil and natural gas revenues and foreign aid — have been extensively studied since Hossein Mahdavy’s seminal 1970 analysis of the Imperial State of Iran.
The policy is in use in several countries around the world. [1] Such a unified structure is recommended by the IMF, as all government funds are collected in one account which could reduce borrowing costs, extend credit and improve government's fiscal policy among other benefits to government. The IMF also recommends the establishment of a legal ...
The NEC approves the annual borrowing plan of the federal government, which specifies the amount, sources, terms, and purposes of borrowing for each fiscal year. The NEC also approves the Medium-Term Debt Management Strategy (MTDS), which is a four-year plan that outlines the objectives, targets, and strategies for managing the national debt. [23]
The GFSM 2001 recommends standard tables including standard fiscal indicators that meet a broad group of users including policy makers, researchers, and investors in sovereign debt. Government finance statistics should offer data for topics such as the fiscal architecture, the measurement of the efficiency and effectiveness of government ...