FG records over N1 trillion monthly revenue inflow since subsidy removal

FG has recorded over N1 trillion monthly revenue inflow since subsidy removal in Nigeria.

Newsonline Nigeria reports that the Minister of Finance, Mr. Wale Edun has revealed that the Federation Account has been witnessing an improved revenue inflow of over N1 trillion since the removal of subsidy.

 

This Nigeria news platform understands that the minister made this announcement on Monday in Asaba at the opening ceremony of a four-day retreat organized for members of the Federation Account Allocation Committee (FAAC).

 

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Edun, represented by the Permanent Secretary, Finance, Special Duties, Mr Okokon Udo revealed the Federal Government had for long, realised that petroleum subsidy was not sustainable.

 

According to him, the subsidy regime eroded revenues that should have been deployed towards expenditures that were critical to the well-being of the populace.

 

The minister noted that President Bola Tinubu’s administration was mindful of the needs and welfare of Nigerians and assured that it would continue to implement people-oriented policies.

 

• “’ We all know that achieving tax revenue to Gross Domestic Product (GDP) target of 22% and tax to GDP of 18% by 2026 are parts of the cardinal objectives of this administration.
• , in doing that we appreciate the need not to overburden the taxpayers by introducing so many new taxes.
• ” What is necessary to be done is to broaden the tax base, simplify and streamline tax administration for ease of collection,” he said.

FG’s reassurance to normalize the economy

 

The minister further disclosed that the current administration was not unaware of the hardship faced by Nigerians, following the removal of fuel subsidies, and unification of exchange rates.

 

Edun reassured that President Tinubu would ensure the economy was back to normal so the sacrifice of the masses would not be in vain.

 

• ”Government is bent on ensuring that the economy bounces back to normal as we continue to consolidate on recovery efforts with focusing on achieving inclusive economic growth and development,” he added.

 

Furthermore, the minister said that the present administration has so far put in place well-structured palliative measures to lessen the effect of the ongoing reforms.