Taiwo Oyedele, chairman, presidential committee on fiscal policy and tax reforms, has denied proposing that the federal government’s share from the federation account allocation committee (FAAC) be reduced.
Taiwo Oyedele, chairman of the presidential committee on fiscal policy and tax reforms, has denied proposing a reduction in the federal government’s share of revenue from the federation account allocation committee The reports had claimed that the tax committee chairman recommended that the federal government should get only 10 percent of the total FAAC allocations, allowing states and local governments to share 90 percent.
This is against the existing sharing formula in which 52.68 percent of the FAAC revenue goes to the federal government, 26.72 percent to states, while local governments get 20.60 percent.Oyedele said his committee’s recommendation was explicitly in respect of the value-added tax revenue.“We did not recommend a reduction in the federal government’s share from federation account,” Oyedele posted.
“Our recommendation is in respect of VAT revenue, to increase the share of states and local governments from 85% to 90% and for states to discontinue with their other forms of consumption taxes which constitute multiple taxation on businesses and individuals.” The FAAC is responsible for disbursing revenues from the federation to the federal, state, and local governments.
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