CHAPTER ONE
INTRODUCTION
1.1. BACKGROUND OF THE STUDY
The issue of financial political theory in Nigeria seems to have derailed national development due to financial imbalance, over-dependence on the centre,
agitation for resource management, among others. Thus, unjust distribution practices haven’t self-addressed the matter of true political
theory. Financial political theory could be a political-economic arrangement whereby the general public revenue of a federation is shared among the
assorted levels of state. These levels are centre, the federating states or provinces and the applicable regional governments (Uchendu, 2012). Fiscal
federalism necessitates revenue sharing arrangement to enable the component units carry out their various functions (Danjuma, 2015). Federalism recognizes two or three levels of government (central, state and local), each level has different expenditure responsibilities and taxation powers for national development (Buettner and Wildasin, 2007). The issue of revenue sharing formula generated intense debate that led to the demand for sovereign national conference in Nigeria, but the revenue resources have not tallied with constitutional responsibilities (Onuoha, 2007). Put differently, financial subordination
makes mockery of federalism no matter how carefully the legal forms may be preserved. The states must not permanently remain dependent on the federal
government for allocations. The degree of fiscal decentralization in a federal state contributes to national development, employment generations and poverty alleviation (Owolabi, 2011). Nigeria as a nation operates a federal structure of state political theory refers the existence in one country of over one level of state, every with completely different expenditure responsibilities and heavy powers.
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