FG Has Seen A Monthly Revenue Inflow Of Nearly N1 Trillion Since The Removal Of Subsidies - Wale Edun
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun has disclosed that the Federation Account has increased
The Federation Account has seen an increase in income inflow of more than N1 trillion since the removal of subsidies, according to Minister of Finance Mr. Wale Edun.
This was said by the minister on Monday in Asaba during the opening ceremony of a four-day retreat for Federation Account Allocation Committee (FAAC) members.
Read: There Won't Be Any Borrowing To Boost The Economy Of Nigeria - FG
The Federal Government has long since realized that fuel subsidies are unsustainable, according to Edun, who was represented by Mr. Okokon Udo, Permanent Secretary, Finance, Special Duties.
He claimed that the subsidy system reduced resources that could have been used for spending essential to the general public's well-being.
The minister affirmed that the administration of President Bola Tinubu would persist in enacting policies that prioritize the interests and wellbeing of Nigerians.
“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.
“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,” he said.
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