Our committee did not propose reduction of FG’s share in FAAC allocation to 10% – Taiwo Oyedele

Oct. 13, 2024 - Nairametrics

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has dismissed reports suggesting that the committee is proposing a reduction in the federal government’s share of the Federation Account Allocation Committee (FAAC) to 10%. In a statement on Sunday, Oyedele responded to claims suggesting that his committee is advocating for the federal government to receive only 10% of FAAC, while the remaining 90% would go to state and local governments.

“We did not recommend a reduction in the federal government’s share from the federation account. Meanwhile, Oyedele refuted this claim, stating that the bill only proposed the allocation of VAT revenue in the FAAC.

Interestingly, funds for local governments are deposited into a joint account managed by state governments and local governments within their jurisdictions...