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JAMB Economics 1997 Question 38

Question 38

Public Finance

The greatest proportion of government revenue in Nigeria comes from

  1. A.export of raw materials
  2. B.income taxes on individuals and businesses
  3. C.customs and excise taxes
  4. D.loans and grants from industrially advanced countries.
Show the answer and explanation

Answer: A (export of raw materials)

Explanation

Since the 1970s crude oil, exported mostly unprocessed, has provided the greatest share of Nigerian government revenue through oil sales, royalties and petroleum profits tax.