Index to Nigerian Newspapers

RMAFC, Tinubu Panel Differ on VAT Sharing Formula

The Revenue Mobilisation Allocation and Fiscal Commission and the Presidential Fiscal Policy and Tax Reforms Committee led by Taiwo Oyedele are currently locked in a major dispute regarding who holds the constitutional power to administer and share Value Added Tax revenues. While the commission insists that it is the supreme arbiter mandated by the constitution to manage equitable revenue-sharing formulas to support less developed states, the committee argues that Value Added Tax is fundamentally a state matter that predates the constitution and does not require the commission's control. Meanwhile, financial reports indicate that the Federal Government is seeking a loan of one billion, five hundred million United States Dollars from the World Bank amid rising public debt, while total Value Added Tax collections surged significantly to reach four trillion, seven hundred and seventy billion Nigerian Naira within the first nine months of the year compared to two trillion, four hundred and forty billion Nigerian Naira during the same period previously, with quarterly figures breaking down into one trillion, four hundred and thirty billion Nigerian Naira against seven hundred and nine billion, five hundred and ninety million Nigerian Naira in the first quarter, one trillion, five hundred and sixty billion Nigerian Naira against seven hundred and eighty-one billion, three hundred and fifty million Nigerian Naira in the second quarter, and one trillion, seven hundred and eighty billion Nigerian Naira against nine hundred and forty-eight billion, seventy million Nigerian Naira in the third quarter, driven by currency devaluation and high inflation.

TUNJI, Sami | 1.Finance - Nigeria 2.Tax reform--Nigeria. | Punch Newspaper | Thursday, December 12, 2024