Minister of Economy, Mr Wale Edun, says the Federation Account witnessed 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 stated this on Monday at a four-day retreat organised for members of the Federation Account Allocation Committee in Asaba, the Delta State capital.
The minister’s speech was read by the ministry’a Permanent Secretary, Mr Okokon Udo, who commended FAAC for the theme of the retreat “Creating a Resilient Economy through Diversification of the Nation’s Revenue”
He said, “I commend your choice of the theme because of the suitability and the utmost attention of the current administration of Bola Tinubu has directed to domestic revenue mobilisation.
“The economic reforms which this administration has undertaken since its inception in May, 2023 clearly outlined right steps to transformation of the country’s economy.
“In less than six months of the administration, we have witnessed the introduction of important reforms, such as petroleum subsidy removal, fiscal and monetary policies reforms aimed at removing multiple taxation among others.
“The Federation Account in particular 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.
“The government had for long realised that petroleum subsidy is not sustainable given it erodes revenues that should have been available to fund viable expenditures that are critical to wellbeing of the populace.”