Nigeria records over N1tr monthly revenue inflow after subsidy removal – Finance minister

The Minister of Finance, Mr. Wale Edun, said on Monday that monthly revenue inflow into the Federation Account has increased to N1 trillion in the last four months.

He stated this at the opening of a four-day retreat organised for members of the Federation Account Allocation Committee (FAAC) in Abuja.

The minister, who was represented at the event by the Permanent Secretary, Finance, Special Duties, Mr. Okokon Udo said the government had for long realised that petroleum subsidy was not sustainable.

He added that the average revenue inflow per month before the removal of fuel subsidy was N650 million.

Edun lamented that the subsidy regime eroded revenues that should have been available to fund viable projects in the country.

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He said: “We all know that achieving tax revenue to Gross Domestic Product (GDP) target of 22 percent and tax to GDP of 18 percent by 2026 are parts of the cardinal objectives of this administration.

”However, in doing that, we appreciate the need not to overburden the taxpayers by introducing many new taxes.

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

“Among the prior activities of this government after coming into office, was the constitution of a Presidential Committee of Fiscal Policy and Tax Reforms.

“The committee has submitted an interim report which is full of optimism.”

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