Minister of Finance, Mr Wale Edun has stated that the Federation Account is witnessing improved revenue inflow since the removal of subsidy from average of N650 million monthly to over N1 trillion in the last four months.
Gatekeepers News reports that the Minister stated this on Monday in Asaba at the opening ceremony of a four-day retreat themed “Creating a Resilient Economic through Diversification of the Nation’s Revenue”, organised for members of the Federation Account Allocation Committee (FAAC) .
The minister, represented by the Permanent Secretary, Finance, Special Duties, Mr Okokon Udo said the government had for long, realised that petroleum subsidy was not sustainable.
According to him, subsidy regime eroded revenues that should had been available to fund viable expenditures that were critical to the well-being of the populace.
The minister added that 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 tax revenue to Gross Domestic Product (GDP) target of 22 per cent and tax to GDP of 18 per cent by 2026 are parts of the cardinal objectives of this administration.
”However, in doing that we appreciate the needs not to overburden the tax payers 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.
Edun added “Among the prior activities of this government after coming into office, was the constitution of a Presidential Committee of Fiscal Policy and Tax Reforns.
“The committee has submitted an interim report which is full of optimism’’.
The minister also noted that the present administration was not oblivious of the untold hardship faced by Nigerians, following the removal of fuel subsidy, and harmonisation of exchange rates.
He reassured that all the sacrifices made by people would never 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.
Edun said that President Bola Tinubu administration has so far put in place a well-structured palliative measures to cushion the economic consequences of the ongoing reforms.
According to the News Agency of Nigeria (NAN) reports that Accountant Generals from the thirty six states and the FCT as well as other stakeholders such as the Customs are attending the retreat.