In a statement shared on his X (formerly Twitter) page on Friday, Oyedele clarified that the contentious sum of N5 billion provided by the Federal Inland Revenue Service (FIRS) to the Joint Tax Board (JTB) was allocated to cover the committee's budget.

This development comes in response to an allegation of fund appropriation, where the immediate past executive chairman of FIRS, Muhammad Nami, confirmed that the service disbursed the mentioned amount to the JTB following approval from the presidency.

Nami stated, "The N5 billion paid to the Joint Tax Board was paid to fund the activities of the Presidential Committee on Tax and Fiscal Policy Reforms two months before I left office. It was paid after we received a letter to that effect from the office of Mr. President signed by Zacch Adedeji himself."

Breaking down the committee's budget, Oyedele disclosed that the funds would be directed towards financing the national 'Data for Tax project,' which he emphasized as pivotal to the comprehensive reform of the nation's tax system.

He noted, "The Committee’s budget includes provisions for a national 'Data for Tax' project, which the JTB has been championing for over 2 years. The project was presented to the National Economic Council in 2022 and was meant to be funded by the federal government and the 36 states. However, it stalled due to lack of funds. Given the importance of the project to the effective reform of our tax system, it was included in the Committee’s budget."

Additionally, the budget encompasses various expenditures such as setting up committee offices in Lagos and Abuja, salaries for full-time staff, travel expenses for over 70 members representing more than 40 institutions and stakeholder groups across six different subcommittees, and several other logistics. It also covers planned engagements with stakeholders from various sectors, both nationally and internationally.