Government Revenue
Sources of revenue:
a) Taxation
• Compulsory contribution imposed by government on the individual and institutions
• Major source of government revenue
• Direct and indirect taxes
b) Borrowing
• Government borrows from institutions within the country (internal debt) and outside the country (external debt)
c) Economic activities of government
• Sale of goods and services to general public
d) Fees and Fines
• E.g. licence fees, fine for violation of traffic rule
e) Printing Of New Notes
• Seldom used because it tends to be inflationary
Government Expenditure
2 types of government expenditure: -
a) Ordinary Expenditure
b) Development Expenditure
a) Ordinary Expenditure:
It is incurred in day-to-day routine work and is recurrent year after year.
i. Common Services: expenses incurred by the various departments and ministries.
ii. Expenditure on the public debt: servicing of internal and external debt i.e. interest payments and money repayment.
iii. Defence, police and justice: cost of maintaining police and armed forces and law courts.
iv. Social and the community services: expenditure on education, health, social welfare and public works.
v. The Economic Services: promotion of productivity and economic growth in various sectors e.g. manufacturing, transport, construction, communication and public utilities.
Expenditure incurred for purpose of economic & social development e.g. building of schools, hospitals, roads and express ways, drainage and sewerage systems, development of residential estates.
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