Question

Section B - 6(b) Compute the revenue for the Federal/Central government for year 2021 (Revenue is shared 30% to Federal/Central government, 10% to Education Trust Fund, 60% to be shared by the Regions/States on the basis of population).

Accepted Answer

National share = 30% × $1,436,000,000 = $430,800,000.
Education Trust Fund = 10% × $1,436,000,000 = $143,600,000.
Total Federal/Central Government revenue for 2021 = $430,800,000 + $143,600,000 = $574,400,000.

WAEC Accounting 2023 Theory — Question 16

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