Section 80
(1) of the 1999
constitution states that : all
revenues of 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.
Consolidated revenue fund is a
central government purse in which all
government receipts are paid into and expenditure allocated from this account
and is usually estimated in the
constitution
By implication, no money can be
withdrawn except with the approval of
the national assembly for the federal government and state houses of assembly
for the state governments. Section 81
and 121
of the constitution empower the
president and state governors to
draft appropriation bills and lay it
before the national /state house of assembly at any time in each financial
year. The parliament is empowered either to reject or approve the budget.
The consolidated revenue fund refers to an account in which receipts of the tiers
of government from both the federation account and internal generated
revenue are paid into chapter 5
parts 1 and 2 sections
80 and 120 of
the 1999
constitution.
The consolidated revenue fund
could be used to invest in the agrucolutral sector to guarantee future economic
prosperity that would enable the nation to feed its future generation.
REFERENCE
The worlds most expensive club,
the economist 2007-05-24
Sovereign wealth funds new hedge
fund . the new York times 2007-08-01
Who holds the wealth of nation?
(PDF) Central Banking Journal (May 2005) volume
15, number 4). archived form the original on 2008-05-29 retrieved 2008-09-02
EZEALI B.O and
Nwoba M.O.E (2012) public finance
administration in Nigeria cases and
issues. Chambers books limited Onitsha
Anambra State: Nigeria