Wale Edun
BusinessHighlightTrending Story

We have recorded over N1trn monthly revenue inflow since subsidy removal, says FG

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), in Asaba, said the Federal Government had for long, realized that petroleum subsidy was not sustainable.

661

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.

Leave a comment

Related Articles

It is unfair to assume all actors are wayward – Olayode Juliana (Toyo Baby)

Actress, Juliana Olayode better known as Toyo Baby has ventured into motivational...

Tragedy! Three Oyo State monarchs die in road crash

  Oyo State has lost three traditional rulers in a single day...

NNPC Ltd’s Kyari, U.S. Sen. Kerry, Moynihan, others brainstorm on climate issues at COP28 in UAE

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited,...

Nigeria-British Chamber of Commerce inagurates Atelly as 18th President, unveils programmes

Ray Atelly has been sworn in as the 18th President of the...

NIPR inducts 327 new members in Abuja

No fewer than 327 people have been admitted as members of the...

Nigeria, Germany sign historic power deal to boost national grid by 12,000 MW

Nigeria and Germany have strengthened their bilateral relations with the signing of...

CBN to freeze accounts without BVN,NIN from March 2024

The Central Bank of Nigeria (CBN) said on Friday that it will...

Legia Fans Set Policeman On Fire, Injure Three Others

Legia football fans set a police officer on fire and injured three...

Ethiopian Airlines bans use of ‘Ghana- Must-Go’ bags by passengers

Ethiopia Airlines has prohibited the use of matted woven bags popularly known...

From playful antics to YouTube stardom with ‘Iya Barakat’ character: My success story – Bimbo Ademoye

Nigerian actress, Bimbo Ademoye, has opened up on the tenacity behind her...

Dare Art Alade celebrates 17 years of love with wife, Deola

In a heartwarming celebration of love, Nigerian singer, Dare Art Alade, took...

Update on Nigeria’s military helicopter crash: NAF confirms incident, gives details

The Nigerian Air Force (NAF) has confirmed that its MI-35P helicopter crashed...

Just in: Kogi INEC Resident Commissioner Escapes Death By Hair’s Breadth

In the aftermath of the off-cycle governorship election in Kogi State with...

Breaking: Military helicopter crash lands, explodes in Port Harcourt

A Nigeria Air Force helicopter has crash landed at the NAF Base,...

FCTA demolishes illegal oil refining warehouse in Mabushi, Abuja

The Federal Capital Territory Administration (FCTA) has discovered and demolished an illegal...

Procurement Phase for Port Harcourt Refinery 98% Complete – MD

The Managing Director, Port Harcourt Refining Company (PHRC), Mr Ibrahim Onoja, has...

Tinubu confirms Mrs Adepoju as Comptroller-General of Immigration Service

President Bola Tinubu has confirmed the appointment of Mrs Caroline Wura-Ola Adepoju...

Every woman possesses witchcraft’s spirit – HRM Ooni of Ife

The Ooni of Ife, Oba Adeyeye Ogunwusi, Ọjájá II, on Thursday played...