The Minister of Finance, Mr. Wale Edun, revealed that the Federation Account has experienced an enhanced revenue inflow exceeding N1 trillion since the removal of subsidies. Edun conveyed this information during a four-day retreat for members of the Federation Account Allocation Committee (FAAC) held in Asaba on Monday.
Represented by the Permanent Secretary, Finance, Special Duties, Mr. Okokon Udo, Edun emphasized that the Federal Government acknowledged the unsustainability of petroleum subsidies, which had previously diminished revenues meant for crucial expenditures benefiting the populace.
Highlighting the administration’s commitment to people-oriented policies, the minister assured that President Bola Tinubu’s government prioritizes the welfare of Nigerians. He underscored the importance of achieving a tax revenue to Gross Domestic Product (GDP) target of 22% and tax to GDP of 18% by 2026, emphasizing the need to broaden the tax base and simplify tax administration.
Edun acknowledged the challenges faced by Nigerians due to the removal of fuel subsidies and exchange rate unification. However, he reassured that the current administration is dedicated to normalizing the economy, ensuring that the sacrifices made by the masses yield positive outcomes.
In addressing the economic reforms, the minister stated that the government has implemented well-structured palliative measures to alleviate the impact of ongoing reforms, demonstrating a commitment to inclusive economic growth and development.
