What are the 5 items of government expenditure in Nigeria?

What are the 5 items of government expenditure in Nigeria?

The major items of public expenditure in Nigeria include: administration, economic services, infrastructures and social amenities, national security and defence, grants and aids and interest on loans.

What are the items of government expenditure?

Government expenditure items, whether recurrent or capital, are usually classified into four major groups, namely: administration, economic services, social and community services and transfers.

What is Nigeria government expenditure?

Nigeria’s total national government expenditure amounted to around 9.7 trillion Naira (some 23.7 million U.S. dollars) by the end of 2019….Nigeria’s total government expenditure from 2015 to 2019 (in billion Naira)

What are the main uses of government expenditure?

Government expenditures serve a wide range of purposes, such as providing health care, education and justice services to the population, and maintaining public order and safety. looking at expenditures by function can show government’s priorities and challenges, as well as track their evolution over time.

What are the main items of expenditure of government of your country?

Federal expenditures fall into five main categories: health insurance (Medicaid and Medicare), retirement benefits (Social Security), national defense, interest on the debt and “other spending” (a broad category that covers spending on education, housing, transportation, agriculture, etc.).

What is classification of government expenditure?

Government expenditure can be classified into various categories with the major one being, current expenditure, capital expenditure and transfer payments. Also, the classification on public expenditure rests on what the spending promotes or what the objectives of the spending are.

What are the three types of expenditure?

Expenditure Conclusion The three types of expenditure that a business can incur include capital expenditure, revenue expenditure, and deferred revenue expenditure.

What are the 5 major sources of revenue for the government?

In accordance with this system, the revenue of the central government includes tariff, consumption tax and value added tax levied by the customs, consumption tax, income tax of the enterprises subordinate to the central government, income taxes of the local banks, foreign-funded banks and non-bank financial …

What is total government expenditure?

Government spending or expenditure includes all government consumption, investment, and transfer payments. Government acquisition of goods and services intended to create future benefits, such as infrastructure investment or research spending, is classed as government investment (government gross capital formation).

How do you explain government expenditure?

Definition: Government expenditure refers to the purchase of goods and services, which include public consumption and public investment, and transfer payments consisting of income transfers (pensions, social benefits) and capital transfer.

What is government expenditure on goods and services?

What are the biggest government expenditures?

As Figure A suggests, Social Security is the single largest mandatory spending item, taking up 38% or nearly $1,050 billion of the $2,736 billion total. The next largest expenditures are Medicare and Income Security, with the remaining amount going to Medicaid, Veterans Benefits, and other programs.

What kind of spending does the government do in Nigeria?

Nigeria Government Spending Government Spending refers to public expenditure on goods and services and is a major component of the GDP. Government spending policies like setting up budget targets, adjusting taxation, increasing public expenditure and public works are very effective tools in influencing economic growth.

What are the main sources of government revenue in Nigeria?

Sources of government revenue in Nigeria can be via mining activities such as: Royalties on mineral resources e.g tin, gold, limestone, etc. Revenue from oil sales: Definitely top oil and gas companies in Nigeria pay tax to the federal government. 3. Earnings and Sales

Which is the third tier of government in Nigeria?

Local government: This is the third tier of government in Nigeria. Local government authorities can also generate revenue apart from the statutory allocation. Consolidated revenue fund: This fund was established by the constitution of the federal republic of Nigeria.

What kind of spending does the government do?

Government spending or expenditure includes all government consumption, investment, and transfer payments. It could be government acquisition of goods and services intended to create future benefits, such as infrastructure investment or research spending. These are expenditures of capital nature.