Which of the following accounts for the highest revenue to Nigeria?

Assessment: JAMB UTME - Principles of Accounts - 2011 Subject: Financial Accounting

Question 1 Report

Which of the following accounts for the highest revenue to Nigeria?
Answer Details
Petroleum income tax accounts for the highest revenue to Nigeria. This is because Nigeria is a major oil-producing country and oil is the backbone of the Nigerian economy. The petroleum industry contributes the largest share of Nigeria's export earnings and government revenue. Therefore, the taxes and royalties paid by oil companies on their income generated from the exploration and production of crude oil and natural gas contribute significantly to the government's revenue.
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