OCF urgesgovt to develop South-west with VAT

The Oodua Consultative Forum (OCF) has asked President Muhammadu Buhari and the National Assembly to earmark at least 20 per cent of all Value Added Tax (VAT) accruable to the Federation Accounts from the South-West to the infrastructural development of Yorubaland.

President-General Worldwide, OCF, Prince Adebisi Oyemade, made this call in a media statement issued in Abeokuta, Ogun State. The OCF, which lamented the dilapidated state of federal infrastructure in the South West and the helplessness of the region’s governors to tackle the problem owing to paucity of funds, suggested that “the proposed 20 per cent derivation from VAT could be routed through the proposed South West Development Commission, which the South West senators and House representatives are currently seeking to establish through a bill now tabled before the National Assembly.”

According to Oyemade: “The 20 per cent, which should be applicable to all regions in the country from the VAT collected from each region, should be deductible as first-line charge and without prejudice to the current sharing formula of VAT revenue.”

The OCF lamented that most federal roads in the South West are in “deplorable conditions.” It listed these to include the “Abeokuta-Sango-Lagos expressway, Lagos-Ibadan express road, Sagamu Interchange to Papalanto to Ilaro and the Owode-Yewa road” Others are “Ibadan-Oyo-Ilorin highway, Ibadan-Ife-Ilesha-Akure road, Ado Ekiti-Akure road and Lagos-Ikorodu-Itanke via Ibefun Ijebu Ode road.”

“Allocating at least 20 per cent VAT collected from each region to it before taking the rest to the federal purse to share would afford each region the funding opportunity to meet their infrastructural challenges. For instance, Lagos, which currently grapples with a humongous infrastructural problem even as it is accountable for over 50 per cent VAT revenue accruable to the federal purse nationwide, can have the proposed 20 per cent VAT from the state to fix its public infrastructure, especially the roads, to make life better for over 25 million Yorubaand other ethnic nationalities who live and work in Lagos,” the OCF stated.

Admin
asjibrinunique@gmail.com

Leave a Reply

Your email address will not be published. Required fields are marked *