Subsidy removal: Federation Account monthly inflow exceeds N1trn – FG

The federal government said yesterday that the Federation Account has witnessed improved revenue inflows since the removal of subsidy from the average of N650 billion monthly to over N1 trillion in the last four months.

The Minister of Finance and Coordinating Minister of the Economy, Chief Olawale Edun disclosed this at the opening of FAAC retreat in Delta just as he lauded the state government for accepting to host the 2023 Federal Accounts Allocation Committee FAAC retreat.

Represented by the Permanent Secretary, Special Duties, Federal Ministry of Finance, Mr. Okokon Ekanem, Edun said, “In six months of the Bola Tinubu administration, the nation had witnessed important reforms such as petroleum subsidy removal, fiscal and monetary policy reforms aimed at removing multiple taxation, streamlining and simplifying tax administration as well as achieving single foreign exchange market.

“Government has long realised that petroleum subsidy is unsustainable, that it erodes revenues that should have been used to fund viable expenditures that are critical to the well-being of the populace. As we continue to implement our policies, we will remain mindful of the needs and welfare of Nigerians.

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“We all know that achieving tax revenue to GDP target of 22 per cent and tax to GDP of 18 per cent by 2026 are part of the terminal objectives of this administration.

“However in doing that, we appreciate the need not to overburden the taxpayers by introducing so many new taxes. What is necessary to be done is to broaden the tax base, simplify and streamline tax administration for ease of collection,” Edun stated.