In a significant stride towards fiscal decentralization, Nigeria's Value Added Tax (VAT) revenue sharing formula is poised for a substantial overhaul, as proposed by the Presidential Committee on Fiscal Policy and Tax Reforms.
Under the leadership of Taiwo Oyedele, the committee has put forth a recommendation to allocate 90% of VAT revenue to states and local governments, while reducing the Federal Government's share from 15% to 10%.
This proposed reform promises to reshape the landscape of fiscal federalism in Nigeria, offering states and local governments increased access to resources. It also signifies a shift towards greater autonomy and responsibility in the delivery of public services and infrastructure.
As developments unfold, stay informed for further updates on this transformative narrative.
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