Question on: JAMB Economics - 2003
The major objective of a revenue allocation formula in a country is to
A
share revenue between the different tiers of government
B
divert revenue from areas of surplus to areas of need
C
ensures the financial viability of the country
D
share revenue between the public and private factors
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Correct Option: A
The primary goal of a revenue allocation formula is to distribute collected funds among different levels of government (e.g., federal, state, and local) based on a predetermined set of criteria. This ensures that each tier has sufficient resources to carry out its responsibilities.
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