Mr. Wale Edun, the Minister of Finance, highlighted that the Federation Account has experienced a substantial increase in revenue, rising from an average of N650 million per month to over N1 trillion in the past four months since the removal of subsidies.
He made these remarks yesterday in Asaba during the commencement of a four-day retreat organized for members of the Federation Account Allocation Committee, FAAC.
Represented by Mr. Okokon Udo, the Permanent Secretary of Finance, Special Duties, the minister emphasized that the government had acknowledged the unsustainability of petroleum subsidies. He noted that these subsidies had previously diminished revenues that could have been allocated to crucial expenses benefiting the general public.
Addressing the pressing needs and welfare of Nigerians, the minister assured that the current administration remains committed to implementing policies aimed at improving the lives of the people.
“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 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.
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 Reforms.
“The committee has submitted an interim report that is full of optimism’’.
The minister acknowledged the considerable hardship experienced by Nigerians due to the elimination of fuel subsidies and the adjustment of exchange rates. However, he reassured the public that the sacrifices made would not be without meaningful outcomes.
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