Local government sources of finance - SS2 Government Past Questions and Answers - page 1
Which of the following is a source of finance for local government in Nigeria?
International Trade
Foreign Loans
Grants and Aid
What is the primary source of finance for local government in Nigeria?
Internally Generated Revenue (IGR)
Statutory Allocation
Donations and Contributions
What is Internally Generated Revenue (IGR) in local government finance?
Money allocated to local government by the federal government
Money generated from taxes and other charges by the local government
Money borrowed by the local government from financial institutions
Money generated from taxes and other charges by the local government
Which of the following is a challenge facing local government finance in Nigeria?
Abundant financial resources
Efficient financial management practices
Corruption
Who approves borrowing by local government in Nigeria?
Local Government Secretariat
Local Government Chairman/Chairperson
State House of Assembly and Debt Management Office (DMO)
What is the role of grants and aid in local government finance in Nigeria?
Grants and aid are a supplementary source of finance for local governments in Nigeria, provided by the federal and state governments, as well as international donor agencies, to support specific projects and programs
What are some of the challenges facing the management and utilization of local government funds in Nigeria?
Some of the challenges include corruption, inadequate financial resources, poor financial management practices, and interference from state and federal governments.