CENTER FOR LAWS OF NIGERIA: FEDERAL LAWS
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LAWS OF THE FEDERATION OF NIGERIA
ALLOCATION OF REVENUE (ABOLITION OF DICHOTOMY IN THE APPLICATION OF THE PRINCIPLE OF DERIVATION)
ARRANGEMENT OF SECTIONS
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ALLOCATION OF REVENUE (ABOLITION OF DICHOTOMY IN THE APPLICATION OF THE PRINCIPLE OF DERIVATION)
[Commencement.] [16th February, 2004]
(1) As from a commencement of this Act, the two hundred meter water depth Isobaths contiguous to a State of the Federation shall be deemed to be a part of that State for the purposes of computing the revenue accruing to the Federation Account from the State pursuant to the provisions of the Constitution of the Federal Republic of Nigeria, 1999 or any other enactment.
(2) Accordingly, for the purposes of the application of the Principle of Derivation, it shall be immaterial whether the revenue accruing to the Federation Account from a State is derived from natural resources located onshore or offshore.
This Act maybe cited as the Allocation of Revenue (Abolition of Dichotomy in the Application of the Principle of Derivation) Act, 2004.
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SUBSIDIARY LEGISLATION
No Subsidiary Legislation