C
ClearInsight News

What is Federation Account and Consolidated Revenue Fund?

Author

William Jenkins

Published Mar 08, 2026

What is Federation Account and Consolidated Revenue Fund?

federation belongs exclusively to the Federal Government.36 It is the. Federal Government purse into which all government income and. receipts are paid and from which expenditure is allocated. The. Consolidated Revenue Fund refers to an account into which receipts.

Similarly, you may ask, what is the difference between the Federation account and Consolidated revenue fund CRF )?

Section 162(1) of the 1999 Constitution specifically stated that all revenues of the Federation should be paid into the Federation Account. The Consolidated Revenue Fund on the other hand is one of the accounts of the Federal Government which is exclusively managed by it.

Furthermore, what is a federation account? Federation Account means the pool of revenue of the Borrower for distribution between the three tiers of government using an agreed distribution formula; Sample 1. Save.

Secondly, what is Consolidated revenue fund?

(Trésor). The general pool of all income of the federal government, such as tax, tariff and licence fee income, and profits from Crown corporations.

What is the consolidated revenue fund used for?

The Consolidated Fund is the account into which the government deposits taxes, tariffs, excises, fines, fees, loans, income from Crown assets and other revenues once collected, together with transfers from the Commonwealth, and from which it withdraws the money it requires to cover its expenditure.

How is consolidated revenue calculated?

Add together your revenues and your subsidiary's revenues. Subtract the sales made between you and your subsidiary to determine consolidated revenue. In the example from the previous step, add $40,000 and $20,000 to get $60,000. Subtract $8,000 from $60,000 to get $52,000 in consolidated revenue.

What is the Consolidated revenue fund in Nigeria?

Consolidated Revenue Fund is provided in section 80 (1) of the Constitution thus: “All revenues or other moneys raised or received by the Federation (not being revenues or other moneys payable under this Constitution or any Act of the National Assembly into any other public fund of the Federation established for a

What is the national revenue fund?

National Revenue Fund

213. There is a National Revenue Fund into which all money received by the national government must be paid, except money reasonably excluded by an Act of Parliament. Money may be withdrawn from the National Revenue Fund only - in terms of an appropriation by an Act of Parliament; or.

How do you use a contingency fund?

A contingency fund is hence a fund that is designed to be used for meeting any unforeseen emergencies and may be either in cash or liquid assets. The primary objective is to enhance your financial stability and to protect your financial plan in case of emergencies.

What is an annual appropriation?

Appropriation: A law of Congress that provides an agency with budget authority. Annual Appropriations (also called fiscal year or 1-year appropriations) are made for a specified fiscal year and are available for obligation only during the fiscal year for which made.

How does the federal government generate revenue?

The three main sources of federal tax revenue are individual income taxes, payroll taxes, and corporate income taxes. Other sources of tax revenue include excise taxes, the estate tax, and other taxes and fees.

Who gets salary from Consolidated Fund of State?

Salaries and allowances of the Chairman and the Deputy Chairman of the Rajya Sabha and the Speaker and the Deputy Speaker of the Lok Sabha. Salaries, allowances and pensions of the judges of the Supreme Court. Pensions of the judges of high courts.

What is difference between charged and voted expenditure?

Charged expenditure - the amounts required to meet expenditure charged upon the Consolidated Fund of India & 2. Voted expenditure - the amounts required to meet other expenditure proposed to be made from the Consolidated Fund of India.

What do you mean by consolidated?

1 : the act or process of consolidating : the state of being consolidated. 2 : the process of uniting : the quality or state of being united specifically : the unification of two or more corporations by dissolution of existing ones and creation of a single new corporation.

Who holds Contingency Fund of India?

Accordingly, Parliament enacted the contingency fund of India Act 1950. The fund is held by the Finance Secretary (Department of Economic Affairs) on behalf of the President of India and it can be operated by executive action.

What does the Consolidated Fund of India include?

Constituted under Article 266(1) of the Indian Constitution, the Consolidated Fund of India is the account of the revenue the Government of India receives — via income tax, Customs, central excise and the non-tax revenue — and the expenses it makes, excluding exceptional items.

What other name is the federation account called?

Consolidated Revenue Fund

Which state has the highest allocation in Nigeria 2021?

A state-by-state breakdown of the 2021 budgets shows that Lagos, Nigeria's economic hub, has the highest spending plan with a N1. 163 trillion budget. About 60 per cent of that (or N700 billion) will be used to meet its capital obligations, while recurrent expenditure is planned to gulp N460 billion.

What is government allocation?

The money each charity gets is their allocation. You'll often hear this word used when talking about things like government funding. People often debate the allocation of federal funds. These decisions are made by Congress and the President, who work together to create a budget to allocate funds appropriately.

What is the meaning of statutory allocation?

Statutory Allocation means funds provided by the Department to the Authority for the performance of statutory functions.

What is federation account in public sector accounting?

The Federation Account is one into which is paid all revenue collected by the Government of the Federation, except the proceeds from the PAYE of the personnel of the Armed Forces of the Federation, the Nigeria Police Force, Foreign Service Officers and Residents of the Federal Capital Territory, Abuja.

What is Nigerian Faac?

The Federation Accounts Allocation Committee (FAAC) has shared a total of N733. 095 billion as June 2021 Federation Account Revenue to the Federal, States and Local Governments Councils.

How is revenue shared in Nigeria?

Under the current revenue sharing formula, the FG takes 52.68 percent, the states 26.72% and the local governments, 20.60% with 13% derivation revenue going to the oil producing states. There will also be a horizontal formula for sharing among states and among local governments.

What do u mean by fund?

A fund is a pool of money set aside for a specific purpose. The pool of money in a fund is often invested and professionally managed. Some common types of funds include pension funds, insurance funds, foundations, and endowments.

What is state joint local government account?

State Joint Local Government Account SJLGA is a special account. maintained by each state government “into which shall be paid. allocations to the local government councils of the state from the. Federation Account and from the Government of the State†(Section. 162(6), 1999 Constitution of Nigeria).

How does the Victorian government get money?

9.1 Sources of Revenue

The Victorian Government raises revenue and also receives revenue from other sources. Revenue is raised from taxes such as land and payroll tax, the sale of goods and services, and other revenue sources such as investment income, fees and fines. Further information:

Where does the money for the budget come from?

About 50 percent of federal revenue comes from individual income taxes, 7 percent from corporate income taxes, and another 36 percent from payroll taxes that fund social insurance programs (figure 1). The rest comes from a mix of sources.

Which of the following is not charged on Consolidated Fund of India?

Which one of the following expenditures is not charged on the consolidated fund of India?
1)Salary and allowances of the speaker of the Lok Sabha
3)Salary and allowances of the justice of the Supreme Court of India
4)Salary and allowances of the Governor of a State of India
5)NULL

What is demand grant?

Definition: Demand for Grants is the form in which estimates of expenditure from the Consolidated Fund, included in the annual financial statement and required to be voted upon in the Lok Sabha, are submitted in pursuance of Article 113 of the Constitution.

Continue Reading

What is perfusion assessment?

What time is Eid prayer in Makkah?

C'est quoi une traite directe ?

What is Federation Account and Consolidated Revenue Fund?