The Section states that, the Commission shall pay all monies accruing from the sales of Spectrum under Part 1 of Chapter VIII into the Consolidated Revenue Fund
81 All revenues or moneys raised or received by the Executive Government of the Commonwealth shall form one Consolidated Revenue Fund
, to be appropriated for the purposes of the Commonwealth in the manner and subject to the charges and liabilities imposed by this Constitution.
"The problem with the consolidated revenue fund
is that there's a national debt that's close to $600 billion.
It should be stressed that the royal recommendation solely applies to "spending"--the withdrawal of public funds from the Consolidated Revenue Fund
The bureaucrats could not get beyond the absence of specific instructions about where to accumulate the money (Veterans Affairs funds or the Consolidated Revenue Fund
) and the absence of instructions about interest or investment.
According to him, 'as a matter of fact, NAQS operates under Category B of the Fiscal Responsibility Act of 2008 and remits 25% of the User Fees to the consolidated revenue fund
of the Federal Government.
When the Legislature is dissolved, the Premier or designate is required to determine for each minister the number of days during the term, if any, on which the minister did not attend as required, assess a penalty of $500 for each day of non-attendance, and verify that the minister pays that amount into the Consolidated Revenue Fund
'The landmark adoption by the 8th Senate of the Federal Republic of Nigeria of the one per cent Consolidated Revenue Fund
for the Basic Health Care Provision Fund (BHCPF) was a historic move toward achieving universal health coverage,' Saraki said.
Financial accountability framework directing the way government finances are to be governed, controlled and managed; Budgeting framework directing the way government activity is to be resourced; Appropriation framework authorising expenditure from the consolidated revenue fund
; Cash management framework controlling and managing the funding required to enable government business to operate; Financial reporting framework reporting on financial results; Performance reporting framework evaluating performance; and Human resource management framework regulating how human resources in the Public Service are managed.
Subsection 30(1) requires the Minister of Finance to authorize the payment of judgments out of the Consolidated Revenue Fund
. It is a continuing statutory appropriation that does not have to be renewed or supplemented by any further legislation in order to be effective.
The most significant of it is the enactment of the financial autonomy of state legislatures and state judiciaries (fourth alteration, No.4) Act of 2018, which cleared the way for the funding of the Houses of Assembly and judiciary of the states, directly from the consolidated revenue fund
of the federation.
The Fiscal Responsibility Commission (FRC) has approved the Nigeria Deposit Insurance Corporation (NDIC) for paying a net amount of N15.4 billion (around $7.6m) to the Consolidated Revenue Fund
of the government.