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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.
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 ...
Government spending can be a useful economic policy tool for governments. Fiscal policy can be defined as the use of government spending and/or taxation as a mechanism to influence an economy. [13] [14] There are two types of fiscal policy: expansionary fiscal policy, and contractionary fiscal policy. Expansionary fiscal policy is an increase ...
Events in the year 2011 in Nigeria. The year 2011 is a distinguishing year for Nigeria. The year entails several events that define the progress of the country and its future. These events include: the 2011 budget bill, [1] the general election, [2] and activities of the current government.
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 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 ...
Government revenue or national revenue is money received by a government from taxes and non-tax sources to enable it, assuming full resource employment, to undertake non-inflationary public expenditure.
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]