November 21, (THEWILL) – The Minister of Finance, Wale Edun, has said the Federation Account is witnessing improved revenue inflow since the removal of subsidy, from an average of N650 billion monthly to over N1 trillion in the last four months.
Edun made the disclosure on Monday, in Asaba, at the opening ceremony of a four-day retreat organised for members of the Federation Account Allocation Committee (FAAC).
Represented by Okokon Udo, the Permanent Secretary, Finance, Special Duties, Edun, said the government had, for long, realised that petroleum subsidy was not sustainable.
According to him, the subsidy regime eroded revenues that should have been available to fund viable expenditures that were critical to the well-being of the populace.
The minister said the present administration was mindful of the needs and welfare of Nigerians and assured that it would continue to implement peoples oriented policies.
“We all know that achieving the 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”, he said.
On the theme of the Retreat, “Creating a Resilient Economic through Diversification of the Nation’s Revenue”, the minister commended the choice, stressing that it was suitable.