By Eric Teniola
This is the concluding part of this piece which was first published three weeks ago. The third part published last week focused on the Raisman Commission set up to examine issues pertaining to taxation and revenue allocation in Nigeria.
THIS includes all forms of revenue going to each government besides and including the distributable pool; suggest new revenue sources both for the federal and the state governments. The recommendation were far-reaching in style and substance.
The Committee renamed the Distributable Pool Account into “States Joint Account,” established a special grants account, recommended a permanent Planning and Fiscal Commission to administer the special grants account and to undertake a continuous study and review of revenue allocation problems and schemes, and reduced the weight given to derivation, etc.
For the shares to the states, the principles considered were: basic needs, minimum national standards, balanced development and…
Source: Vanguard Newspaper