Close Menu

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Ganduje Resigns As APC National Chairman

    June 27, 2025

    NAPTIP Declares Speed Darlington Wanted Over Rape Allegations

    June 27, 2025

    PDP BoT Rejects Anyanwu’s Reinstatement As National Secretary

    June 27, 2025
    Facebook X (Twitter) Instagram
    Trending
    • Ganduje Resigns As APC National Chairman
    • NAPTIP Declares Speed Darlington Wanted Over Rape Allegations
    • PDP BoT Rejects Anyanwu’s Reinstatement As National Secretary
    • Tinubu Signs Four Landmark Tax Reform Bills Into Law
    • Osun State Declares Friday Public Holiday To Celebrate Hijrah
    • Insecurity: Lakurawa Kills 6, Injures 1 In Sokoto Community
    • Court Sentences Gospel Singer, Timilehin To Death For Killing NYSC Member
    • Anyanwu’s Reinstatement As National Secretary, A Painful Decision – Damagum
    Facebook X (Twitter) Instagram
    TheScrutinyNG
    Subscribe
    Saturday, June 28
    • Home
    • Politics
    • Business
    • News
      • World News
    • Sports
    • Interviews
    • Opinion
    • Entertainment
    • Columnists
    • ABOUT US
    TheScrutinyNG
    Home » Tax Reforms Committee Proposes Daily Sharing Of FAAC Funds
    2 Mins Read75 ViewsJune 4, 2024

    Tax Reforms Committee Proposes Daily Sharing Of FAAC Funds

    By Samuel AkpenpuunJune 4, 2024No Comments75 Views2 Mins Read
    Share Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The Presidential Fiscal Policy and Tax Reform Committee has unveiled plans to transition from monthly to daily disbursement of allocations across the three tiers of government.

    This is in a bid to revamp the Federation Account Allocation Committee disbursement mechanism.

    The committee’s Chairman, Taiwo Oyedele, disclosed this while speaking at a public consultation workshop in Abuja on Monday.

    He emphasied the need to modernise the current system which he likened to antiquated practices dating back to 1814.

    Under the proposed reform, FAAC will adopt a daily disbursement strategy, a departure from the traditional monthly allocation meetings.

    “We believe the system can be configured to credit the accounts of local, state, and federal governments daily,” Oyedele stated.

    He revealed that the planned reform has got the endorsement of key stakeholders, including the Accountant General of the Federation.

    He further stressed that the shift aims to streamline operations, redirecting the focus of monthly FAAC meetings towards national fiscal strategies rather than routine reconciliations, which could be delegated to junior accountants.

    Addressing Nigeria’s collection costs, which vary from four per cent to over 30 per cent, Oyedele stressed, “If an agency cannot collect revenue at one per cent, it should not be collecting it at all.

    We are serious with the one per cent and it should cut across everybody, if you cannot collect revenue with one per cent, then you should not be collecting it at all.

    That’s why we were saying let government agencies focus on the primary reason they were set up for.”

    He added, “If they are not set up to collect tax, they can’t be efficient and competent in doing it. Things will work better if everybody plays to their strength there’s a reason why every country has their revenue collection agency and not to replicate that function and be expecting that everything will be fine. A country like South Africa is under one per cent.”

    Author

    • Samuel Akpenpuun
      Samuel Akpenpuun

      View all posts
    FAAC Taiwo Oyedele
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Samuel Akpenpuun

    Related Posts

    Breaking News

    Tinubu Signs Four Landmark Tax Reform Bills Into Law

    June 26, 2025
    Breaking News

    Multichoice Slashes DStv Decoder Price By 50 Percent

    June 25, 2025
    Aviation

    FCCPC Invites Air Peace Over Failure To Refund Fares For Canceled Flights

    June 16, 2025
    Business

    May & Baker Posts N28.9bn Revenue, N1.6bn PAT

    June 6, 2025
    Banking & Finance

    Access ARM Pensions Posts N28.2bn Revenue

    June 2, 2025
    Business

    We Are Working Towards Increasing Ground Rent Charges – Wike

    May 29, 2025

    Subscribe to News

    Get the latest sports news from NewsSite about world, sports and politics.

    Editor's Picks

    Ganduje Resigns As APC National Chairman

    June 27, 2025

    NAPTIP Declares Speed Darlington Wanted Over Rape Allegations

    June 27, 2025

    PDP BoT Rejects Anyanwu’s Reinstatement As National Secretary

    June 27, 2025

    Tinubu Signs Four Landmark Tax Reform Bills Into Law

    June 26, 2025
    Latest Posts
    Advertisement
    Facebook X (Twitter) Pinterest Vimeo WhatsApp TikTok Instagram

    News

    • World
    • US Politics
    • EU Politics
    • Business
    • Opinions
    • Connections
    • Science

    Company

    • Information
    • Advertising
    • Classified Ads
    • Contact Info
    • Do Not Sell Data
    • GDPR Policy
    • Media Kits

    Services

    • Subscriptions
    • Customer Support
    • Bulk Packages
    • Newsletters
    • Sponsored News
    • Work With Us

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    © 2025 The Scrutiny. Designed by Design Streams.

    • Privacy Policy
    • Terms
    • Accessibility

    Type above and press Enter to search. Press Esc to cancel.