News
There’s no plan to reduce FG’s share from federation account – Oyedele
By Francesca Hangeior
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.
While reacting report that the tax specialist via his handle on X.com Sunday that the committee’s recommendation was explicitly with respect to Value-Added Tax.
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. Our recommendation is with respect to VAT revenue, to increase the share of states and local governments from 85% to 90%, and for states to discontinue their other forms of consumption taxes which constitute multiple taxation on businesses and individuals.”
The FAAC is responsible for reviewing and adopting the allocation of funds to the FG, states and local governments.
At the September 2024 FAAC meeting in Abuja, the committee, in a statement by the Director of Press and Public Relations, Bawa, announced that it had disbursed a total sum of N1.2 trillion earned as revenue in August 2024 to the FG, states and local governments.
The report partly wrote, “Under the new proposal, Oyedele explained [that] the distribution formula for the states and local governments would include a clause stipulating that 60 per cent of their share will be based on the principle of derivation.
In practice, this means if N100 is available for distribution from FAAC, the Federal Government will take N10, all 36 states will share N36 equally, and N54 will be distributed based on derivation, favouring states with higher resource generation.
“This change in the sharing formula is part of broader reforms aimed at eliminating numerous “nuisance taxes” and streamlining the tax collection process. Oyedele noted that the Federal Government had to make this concession to get states on board with a centralised and more efficient tax collection system.
“The new approach not only simplifies tax collection but also lays the foundation for fiscal federalism, giving states and local governments more autonomy over their revenues,” quoted Oyedele.
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.
News
Senate confirms appointment of 21 RMAFC commissioners
The Senate has confirmed the appointments of 21 federal commissioners for the Revenue Mobilization Allocation and Fiscal Commission.
The Senate confirmed the nominees after Yahaya Abdullahi, senator representing Kebbi north, presented a report.
President Bola Tinubu appointed the nominees in August and therefater sought the senate’s confirmation.
Abdullahi, chair of joint committee on national planning and economic affairs and finance, said all the nominees are fit to hold public office.
The ex-majority leader said with these appointments, every state in the country is represented on the RMAFC board.
“That the senate do confirmation of the 21 nominees that makes the commission to be of its full complement,” he said.
“That means every state now has a represenation at the board.”
The new commissioners are:
Linda Oti (Abia)
Akpan Effiong (Akwa Ibom)
Enefe Ekene (Anambra)
Prof. Steve Ugba (Benue)
Chief Eyonsa (Cross-River)
Aruviere Egharhevwe (Delta)
Nduka Awuregu (Ebonyi)
Victor Eboigbe (Edo)
Wumi Ogunlola (Ekiti)
Ozo Obodougo (Enugu)
Kabir Mashi (Katsina).
Adamu Fanda (Kano)
Dr. Kunle Wright (Lagos)
Aliyu Abdulkadir (Nasarawa)
Bako Shetima (Niger)
Samuel Durojaye (Ogun)
Nathaniel Adejutelegan (Ondo)
Saad Ibrahim (Plateau)
Modu-Aji Juluri (Yobe)
Bello Garba (Zamfara)
Mohammed Usman (Gombe).
News
Unfolding story: Unusual security beef up at NASS over alleged plot to impeach Akpabio
Workers and visitors to the National Assembly were taken back this morning with the high level.of security at the first gate as well as the second one.
DSS men, cladded in dark suits and sunglasses virtually outnumbered all other security agencies who were also noticed to have increased their men.
Insider sources claimed the increased presence of the State Security men as well as others was because of an underground move being made to impeach Senate President, Godswill Akpabio today.
The move, which was more or less like a coup given its surreptitious outlook was said to have been hatched by some Northern senators who are angry with Tinubu’s government and believe that the country can be better run if he had a senate that is more vocal and critical of his policies.
Akpabio has become one of the most unpopular throw-ups of Nigerian democracy with his goofs and gaffs landing blows not only on the National Assembly which he heads but also on the ruling class as a whole.
Only a few days ago he said if you see food anywhere, eat because there was hunger in the land.
Source: Abujareporters
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