The Federation Account has seen an increase in income inflow of more than N1 trillion since the removal of petrol subsidies, the Minister of Finance, Mr. Wale Edun, has disclosed.
The minister who made the disclosure at the opening ceremony of a four-day retreat organized for members of the Federation Account Allocation Committee (FAAC), on Monday in Asaba, said the Federal Government had for long, realized that petroleum subsidy was not sustainable.
Edun, who was represented by the Permanent Secretary, of Finance, Special Duties, Mr Okokon Udo, said the subsidy regime depleted the 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.
He said: “We all know that achieving tax revenue to Gross Domestic Product (GDP) target of 22 percent and tax to GDP of 18 percent by 2026 are parts of the cardinal objectives of this administration.
”What is necessary to be done is to broaden the tax base, simplify and streamline tax administration for ease of collection.”
The minister said the government was aware of the difficulties Nigerians were facing as a result of the removal of fuel subsidies and the unification of foreign exchange rates.
Edun reassured that Tinubu would ensure that 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.