CHAPTER IX
FINANCE
PART 1:
Taxation 149.
PUBLIC FINANCE
(1)
No taxation shall be imposed except by or under the
authority of an Act of the National assembly
(2)
An Act of the National Assembly may make provision (a) for the collection of taxes proposed to be imposed or
altered in a Bill which has been presented to the
National Assembly during a period of four months
from the date of presentation or such longer period as
may be specified in a resolution passed by the National
Assembly after the Bill has been presented; or
(b) for any local government authority established by law
to impose taxation within the area for which such
authority is established, and to alter such taxation, but
no provision shall include the power to waive any tax
due.
Consolidated 150
Fund
(3)
Where any law confers power on any person or authority to
waive or vary a tax imposed by any law, the exercise of
that power in favour of any person or authority shall be
subject to the approval of the National Assembly.
(1)
There shall be a Consolidated Fund into which shall be paid
(a)
(2)
withdrawal from 151
(1)
Consolidated and other funds
all revenues or other money raised or received for
the purpose of, or on behalf of, the Government,
and
(b)
any other money raised or received in trust for, or
on behalf of the Government
Notwithstanding subsection (1), and Act of the National
Assembly may provide(a)
for the payment of particular revenue or other
money into some other fund established for a
specific purpose; or
(b)
for the retention of revenue or other money by the
department of Government that received it for the
purpose of defraying the expenses of that
department .
No money shall be withdrawn from the Consolidated Fund
Funds except -
(a)
to meet expenditure charged on that Fund by this
Constitution or an Act of the National Assembly; or