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JAMB Economics 2006 Question 10

Question 10

Public Finance

The Revenue Mobilization, Allocation and Fiscal Commission in Nigeria has the primary responsibility for

  1. A.maintaining the fiscal supremacy of the central government
  2. B.evolving an acceptable wage for public servants
  3. C.evolving an acceptable revenue-sharing formula
  4. D.ensuring equity in the sharing of fiscal responsibilities
Show the answer and explanation

Answer: C (evolving an acceptable revenue-sharing formula)

Explanation

The RMAFC's main job is to work out the formula for sharing federal revenue among the federal, state and local governments.