The Minister of Finance, Mr. Wale Edun, revealed that the Federation Account has experienced a notable increase in monthly revenue, soaring from an average of N650 million to over N1 trillion in the past four months following the removal of subsidies.
Edun emphasized the government’s acknowledgment of the unsustainability of petroleum subsidies, stating that the subsidy regime previously diminished funds available for crucial public expenditures.
The Minister of Finance assured the public that the administration remains committed to implementing people-centric policies, emphasizing the importance of achieving tax revenue targets without overburdening taxpayers.
During a four-day retreat organized for the Federation Account Allocation Committee (FAAC) in Asaba, Edun, represented by Mr. Okokon Udo, the Permanent Secretary of Finance, Special Duties, highlighted the government’s efforts to diversify the economy.
He mentioned the constitution of a Presidential Committee of Fiscal Policy and Tax Reforms and reassured citizens that measures were in place to mitigate the economic impact of subsidy removal and exchange rate harmonization.
Governor Sheriff Oborevwori of Delta, in his opening remarks, urged the federal government to demonstrate political will in implementing policies and institutional frameworks to diversify the nation’s economy.
He emphasized the need for concrete steps, beyond rhetoric, to facilitate non-oil exports and expand the revenue base. The governor commended Delta’s proactive steps in economic diversification, including the creation of a Trade and Export unit. Additionally, he called on the FAAC committee to address concerns related to the roles of entities like the Nigeria National Petroleum Company Limited in the economic diversification process.
The retreat, themed “Creating a Resilient Economy through Diversification of the Nation’s Revenue,” was attended by Accountant Generals from the thirty-six states, the FCT, and other stakeholders, including Customs officials.