CONSOLIDATED REVENUE FUND


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By implication, no money can be withdrawn except  with the approval of the national assembly for the federal government and state houses of assembly for the state governments.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.

The management of the consolidated revenue fund   is  conducted in accordance with the financial provisions  of  the constitution . also,  the moneys from the consolidated revenue fund are necessarily used to meet statutory expenditure or to meet the cost of any purpose for which any sum  has been appropriated in  accordance with  any Act. 

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 
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