No plan to reduce FG’s share from federation account – Oyedele

Oct. 13, 2024 - Punch Newspapers

The Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, has denied a media report on the proposal to reduce the Federal Government’s share from the Federation Account Allocation Committee. He noted that the committee also recommended that states and local governments stop imposing “consumption taxes” which result in multiple taxation.

The tweet read,” We did not recommend a reduction in the Federal Government’s share from [the] federation’s account. “This change in the sharing formula is part of broader reforms aimed at eliminating numerous “nuisance taxes” and streamlining the tax collection process.

In early October 2024, the FG, through the Fiscal Policy and Tax Reforms committee, announced the exemption of 63 items from the VAT, as part of its latest fiscal reforms...