The Minister of Finance, Mr. Wale Edun, disclosed that the Federation Account has experienced a notable improvement in monthly revenue inflow, surpassing N1 trillion since the removal of subsidies. Edun made this revelation on Monday during the opening ceremony of a four-day retreat for members of the Federation Account Allocation Committee (FAAC) held in Asaba.
Represented by the Permanent Secretary, Finance, Special Duties, Mr. Okokon Udo, Edun highlighted the Federal Government’s long-standing acknowledgment that the petroleum subsidy was unsustainable. He emphasized that the subsidy regime had depleted revenues that could have been allocated to critical expenditures for the welfare of the populace.
The minister underscored President Bola Tinubu’s administration’s commitment to the needs and welfare of Nigerians, affirming a dedication to implementing policies geared towards the well-being of the people.
Edun emphasized, “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.” He stressed the importance of broadening the tax base, simplifying and streamlining tax administration to facilitate collection without overburdening taxpayers with numerous new taxes.
Addressing the hardships faced by Nigerians post-subsidy removal and exchange rate unification, the minister assured that President Tinubu was committed to normalizing the economy. He reiterated the government’s determination to ensure that the sacrifices made by 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 a focus on achieving inclusive economic growth and development,” Edun affirmed. Additionally, he highlighted the administration’s implementation of well-structured palliative measures to mitigate the impact of ongoing reforms.