Friday, December 1, 2023


‘Over N4bn still intact’ — Oyedele reacts to TheCable report on Nami’s ‘suspicious’ approvals

‘Over N4bn still intact’ — Oyedele reacts to TheCable report on Nami’s ‘suspicious’ approvals
September 29
13:49 2023

Taiwo Oyedele, chairman of the presidential fiscal policy and tax reforms committee, says his team is yet to spend the remaining N4 billion, out of the N5 billion approved by Muhammad Nami, ex-chairman of the Federal Inland Revenue Service (FIRS), to the joint tax board (JTB).

Sources had told TheCable that Nami, among other transactions, moved about N5 billion to the account of the JTB from the FIRS account, after leaving office. 

In his response to the report, Nami said the N5 billion paid to the board was earmarked to fund the activities of the presidential committee, led by Oyedele.

In a statement on Friday, Oyedele, a former fiscal policy partner and Africa tax leader at PriceWaterhouseCoopers (PwC), made further clarifications on the disbursement.


The tax expert said 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,” he said.

“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.”


The committee’s budget, Oyedele said, includes provisions for a national “data for tax” project which the JTB has been championing for over 2 years. 

He said the project was presented to the National Economic Council (NEC) in 2022 and was meant to be funded by the federal government and the 36 states.

“However, it stalled due to lack of funds,” Oyedele said.

“Given the importance of the project to the effective reform of our tax system, it was included in the Committee’s budget.


“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.” 

Oyedele said the budget also covers planned stakeholder engagements with various sectors and interest groups, as well as international engagements and understudy of some leading tax regimes around the world, among others.

He added that the budget covers a period of one year — which is the lifespan of the committee.



“It should be noted that the Committee was not set up simply to produce reports and recommendations, we are also charged with the implementation of recommended and approved proposals which need to be funded,” the committee chairman said.

“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, and despite working full-time on the assignment, Oyedele said, “I do not receive a salary”.


Click on the link below to join TheCable Channel on WhatsApp for your Breaking News, Business Analysis, Politics, Fact Check, Sports and Entertainment News!



No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment

error: Content is protected from copying.