“Ways and means” provision

In the Nigerian constitution, the term “ways and means” refers to the provisions and mechanisms available to the government for raising revenue and managing public finances. The constitution outlines various ways and means that the Nigerian government can utilize. Here are some relevant provisions:

1. Taxation: The constitution grants the government the power to impose taxes, duties, and levies on individuals, businesses, and other entities. It specifies that taxes should be levied based on the principle of equity and fairness.
2. Borrowing: The constitution authorizes the government to borrow money, both domestically and internationally, to meet its financial obligations and fund developmental projects. However, it also sets limits on borrowing to ensure responsible debt management.
3. Consolidated Revenue Fund: The constitution establishes the Consolidated Revenue Fund (CRF) as the main account for all government revenue. It stipulates that all revenues collected by or on behalf of the government should be paid into the CRF, and funds from the CRF should be disbursed as authorized by law.
4. Contingencies Fund: The constitution provides for the establishment of a Contingencies Fund, which allows the government to access funds for unforeseen expenditures or emergencies. The purpose and operation of the Contingencies Fund are outlined in the constitution.
5. Revenue Allocation: The constitution sets guidelines for the allocation of revenue among different tiers of government in Nigeria. It specifies that revenue should be shared between the federal, state, and local governments to ensure equitable distribution and promote development across the country.
6. Audit and Accountability: The constitution emphasizes the need for transparency and accountability in the management of public finances. It mandates the Auditor General of the Federation to audit and report on the accounts of the government, ensuring proper utilization of public funds.
7. Fiscal Responsibility: The constitution contains provisions related to fiscal responsibility, including the requirement for the government to prepare and submit an annual budget, as well as guidelines for debt management, financial reporting, and fiscal discipline.

These provisions in the Nigerian constitution outline the ways and means available to the government for revenue generation, expenditure management, and financial accountability. They provide a framework for the responsible management of public finances in the country.

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