JAMB Accounting 2022 Objective — Question 17

Question 17 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2022 Objective paper, with the correct answer and a full explanation.

17. Which of the following sources of revenue is/are shared among the three tiers of government in Nigeria? I. Statutory allocation II. Income tax III. Value added tax

A. (A) I and II only
B. (B) II and III only
C. (C) III onlyCorrect
D. (D) I only

Explanation

The VAT paid by producing companies is remitted to the federal government and then shared among the three tiers of government.

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