Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, has stated that the committee will spend billions of dollars on its operations.
Oyedele stated on Friday on his X (previously Twitter) page that the contested N5 billion provided to the Joint Tax Board by the Federal Inland Revenue intended to fulfill the committee’s budget.
In response to an allegation of fund appropriation, the immediate past executive chairman of FIRS, Muhammad Nami, revealed on Thursday that the agency paid the aforementioned sum to the JTB after its permission by the presidency.
“The N5 billion paid to the Joint Tax Board was paid two months before I left office to fund the activities of the Presidential Committee on Tax and Fiscal Policy Reforms,” Nami explained. It was paid after we received a letter from Mr. President’s office, signed by Zacch Adedeji himself.”
While outlining the committee’s budget, Oyedele stated that the funds will be utilized to fund the national ‘Data for Tax project,’ which he described as critical to the effective reform of the country’s tax system.
“The Committee’s budget includes provisions for a national “Data for Tax” project, which the JTB has championed for over two years,” according to the statement. The proposal was presented to the National Economic Council in 2022, with the federal government and the 36 states expected to fund it. However, because to a lack of money, it came to a halt. Given the project’s relevance to the effective reform of our tax system, it was budgeted for by the Committee.
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“Other expenses included in the committee’s budget, which has the approval of the National Assembly, include setting up of offices for the committee in Lagos and Abuja, payment of salaries for the full-time staff engaged by the committee, travels and other logistics for over 70 members representing more than 40 institutions and stakeholder groups mapped to 6 different subcommittees, more than 30 Secretariat personnel and over 40 students across the country.
“In addition, the budget includes planned stakeholder engagements with various sectors and interest groups, as well as international engagements and understudy of some of the world’s leading tax regimes.” The budget is for one year, which is the committee’s lifespan.”
Oyedele stated that the committee’s mandate is to ensure accountability, so all expenses are clearly documented and auditable.
“It should be noted that the committee was not established solely to produce reports and recommendations; we are also charged with the implementation of recommended and approved proposals that require funding,” he stated.
“The committee’s mandate includes ensuring prudence and accountability in the management of our national resources. It will therefore be a contradiction for the same committee to be wasteful or reckless in its own affairs. Members of the committee work on a volunteering basis and are only paid reasonable allowances to cover their out-of-pocket expenses as we cannot afford to pay the commercial value for their time, skills, and experience. As the chairman of the committee, despite working full-time on the assignment, I do not receive a salary.
“All the expenses of the committee are properly documented and available for audit. We collect receipts for fuel, stationeries, and virtually every Naira that we spend to the extent possible. Over N4 billion of the said funds transferred by the FIRS to the JTB for the committee’s work is yet to be spent and very much intact in the JTB account.”
