Gce Model Questions Vol1 2024 Civic Education Question 37
Practice objective / multiple choice question 37 from the 2024 Gce Model Questions Vol1 Civic Education examination.
A government infrastructure project is budgeted at \(500\) million Naira. Corrupt officials siphon off \(8\%\) of the budget as direct embezzlement. They also set up a shell company that inflates the contract price by \(12\%\) over the actual cost; the inflated amount is paid from the budget and the excess \(12\%\) is split \(60\%\) to Official A and \(40\%\) to Official B. The total amount siphoned (direct embezzlement plus the inflated excess) is subject to a tax evasion of \(10\%\) that would have been revenue for the state. Calculate the total effective loss to the public, in million Naira, after accounting for the tax loss. Round your answer to two decimal places.
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About This Question
This is Gce Model Questions Vol1 2024 Civic Education Question 37. It is one of the objective questions from the 2024 Gce Model Questions Vol1 Civic Education examination.
Difficulty level: Hard .
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