Section 59

(1) A development levy of 4% is imposed on the assessable profits of Develop-
all companies chargeable to tax under Chapters Two and Three of this Act, ment Levy
other than small companies and non-resident companies.
(2) The Service shall collect the levy and pay it into a special account
created for that purpose.
(3) The revenue accruing from the levy shall be distributed as follows –
(a) Tertiary Education Trust Fund – 50%;
(b) Nigerian Education Loan – 15%;
(c) National Information Technology Development Fund – 8%;
(d) National Agency for Science and Engineering Infrastructure – 8%;
(e) National Board for Technological Incubation –4%;
(f) Defence and Security Infrastructure Fund –10%; and
(g) National Cybersecurity Fund – 5%.
(4) The tax imposed under this Part shall not be levied on assessable
profits computed for the purposes of hydrocarbon tax.
(5) For the purpose of this section, every beneficiary agency and Fund in
subsection (3) shall be required to prepare and submit their income and
expenditure to the National Assembly for appropriation.
(6) The provisions of the Fourteenth Schedule shall apply for the purpose Fourteenth
of further allocation of the distribution in subsection (3)(f). Schedule
PART XI – SPECIALISED TRADE OR BUSINESS