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JAMB Principles of Accounts 1995 Question 47

Question 47

Public Sector Accounting

Which of the following are sources of revenue to state governments in Nigeria?
I Statutory allocation
II Fines from customary courts
III Petroleum tax
IV Income tax

  1. A.I and II only
  2. B.II and III only
  3. C.I and IV only
  4. D.III and IV only.
Show the answer and explanation

Answer: C (I and IV only)

Explanation

States receive statutory allocations from the Federation Account and collect personal income tax; petroleum tax is federal.