Wunmi Semudara
The Minister of Finance, Wale Edun, has commended the result of the subsidy removal stating that a huge upsurge of about N650 billion and N1 trillion has been generated monthly to the nation revenue since the removal of subsidy which has been consistent for about four months.
Edun disclosed this at the opening ceremony of a four-day retreat organised for members of the Federation Account Allocation Committee (FAAC) in Delta State.
The minister, who was duely represented by the Permanent Secretary, Finance, Special Duties, Okokon Udo, said the government had, for long, realised that petroleum subsidy was not sustainable.
According to him, the subsidy regime eroded revenues that should have been available to fund viable expenditures that were critical to the well-being of the populace.
The minister said the present administration is mindful of the needs and welfare of Nigerians and assured that it would continue to implement peoples oriented policies.
“We all know that achieving the 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. “What is necessary to be done is to broaden the tax base, simplify and streamline tax administration for ease of collection,” he said.
On the theme of the Retreat, “Creating a Resilient Economic through Diversification of the Nation’s Revenue”, the minister commended the choice, stressing that it was suitable.
