FG, States Now Share Over N1trn Monthly After Fuel Subsidy Removal- Finance Minister

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has disclosed that the revenue inflows into the federation account has hit over N1 trillion.

Edun made the disclosure on Monday at the opening ceremony of a four-day retreat organized for members of the Federation Account Allocation Committee (FAAC) in Asaba, Delta State.

The minister linked the improvement in revenue to the removal of fuel subsidy which took place on May 29, 2023.

The Permanent Secretary, Finance, Special Duties, Mr Okokon Udo, who represented the minister said subsidy has not been sustainable in Nigeria as it eroded the nation’s finances which should have been channelled into more infrastructural development.

He said, “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.

“What is necessary to be done is to broaden the tax base, simplify and streamline tax administration for ease of collection.”

He admitted that the policies of the Bola Tinubu-led government have inflicted hardship on Nigerians but said the government would alleviate the sufferings of Nigerians.

Edun said, ”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.”