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Home Business News

Kemi Adeosun seek FAAC reforms

Onome Ohwovoriole by Onome Ohwovoriole
August 25, 2017
in Business News
[Revealed] 363,000 Companies Never Paid Any Tax In Nigeria – Adeosun
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Finance Minister, Kemi Adeosun has advocated for reforms in the way Federal Accounts Allocation Committee (FAAC) income is spent. Mrs Adeosun made the remarks at a FAAC retreat held in Akwa Ibom, in a speech presented on her behalf by the Permanent Secretary Federal Ministry of Finance, Dr Mahmoud Isa-Dutse

What is FAAC ?

FAAC is a joint committee consisting of representatives of the Federal, State and Local governments. The committee meets monthly during which revenues are shared. Sources of income for FAAC include oil revenue and taxes, customs and excise taxes, company income taxes (CIT), any sale of national assets, and surpluses from state-owned enterprises.

Under the present formula, the Federal government gets 52.68% of all revenue, while states and local governments get 26.72% and 20.60% respectively. Revenues from Value Added tax (VAT) are shared differently, with the Federal Government getting 15%, States 50% and Local Governments 35%.

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Why reforms are necessary

Mrs Adeosun may be making the observation based on the recent financial challenges faced by all tiers of government. A drop in crude oil prices and production volumes lead to a steep fall in revenue. The short to medium term outlook for the oil industry by several analysts is that oil prices may remain at current price, suggesting low revenues may be for quite a while

States and local governments were unable to meet salary and pension obligations, necessitating a bail out from the Federal Government. The FG itself has had to increase borrowing in order to meet budgetary estimates. There have been allegations that some of the states may have mismanaged the funds.

 

Tags: FAACKemi AdeosunNews Review
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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Comments 1

  1. Anonymous says:
    August 25, 2017 at 9:48 am

    Where the heck is the big idea????

    Reply

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