A former Accountant-General of the Federation , Dr James Kayode Naiyeju, has criticised the collection of the Nigeria Police Trust Fund from corporate organisations’ net profit, describing it as a step in the wrong direction.
The Nigeria Police Trust Fund Act, which was signed into law by President Buhari on 24 June 2019 will be in force for a six-year period will require corporate organisations to part with 0.005 per cent of their net profit to fund the training of personnel, procure equipment, and instructional materials for police colleges, and boost welfare.
“Also, the collection of the fund doesn’t give room for the proclaimed accountability. Project did not go through the appropriation channel of budgeting,” Naiyeju said. Rather than the increase taking effect next year, the former AGF proposed a law to back the commencement date for new VAT take-off to 2021, adding that the economy would have grown by then.