Fuel Subsidy: N1trn Monthly Revenue Inflow Recorded Since Subsidy Removal – Finance Minister

The Minister of Finance and Co-ordinating Minister of the Economy, Wale Edun says that the Federation Account is witnessing improved revenue inflow since the removal of fuel subsidy from an average of N650 billion monthly to over N1 trillion in the last four months.

He disclosed this at the opening ceremony of a two-day retreat for the Federal Account Allocation Committee (FAAC) organised by the Federal Ministry of Finance in collaboration with Delta State Government.

According to a statement issued by Stephen Kilebi, director of press of the ministry, the minister noted that the economic reforms the administration has embarked on since its inception in May 2023 clearly outlined the right steps to transformation of the country’s economy.

These reforms according to him include: petroleum subsidy removal, fiscal and monetary policies reforms aimed at removing multiple taxation and streamlining/simplifying tax administration as well as achieving a single foreign market that will ensure willing buyers and sellers.

Okokon Ekanem Udo, permanent secretary, Ministry of Finance, representing the minister said that the reforms are applauded not only by the experts within the Nigerian economy but also International Development Partners such as the International Monetary Fund and the World Bank among others, noting that, these reforms are what Nigeria as a country needs right now to move from its perennial problems.

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