The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed that the monthly revenue inflow into the Federation Account Allocation Committee (FAAC) fund surged from N650 billion to N1 trillion following the removal of petrol subsidies.
Recall that President Bola Ahmed Tinubu officially ended the subsidy in his inauguration speech on May 29.
Edun, addressing FAAC members at a retreat in Asaba, highlighted how the subsidy had eroded crucial revenue.
Represented by Permanent Secretary Mr Okokon Udom, Edun said the government realised that petroleum subsidy was not sustainable.
Acknowledging the hardships resulting from the subsidy removal and exchange rate harmonization, Edun reassured Nigerians of the government’s commitment to implementing people-centered policies.
He stressed the administration’s focus on achieving inclusive economic growth and development while mitigating the impact of ongoing reforms through structured palliative measures.
The minister also discussed the government’s objective to attain specific tax revenue targets without excessively burdening taxpayers, highlighting efforts to broaden the tax base and streamline tax administration.
Also speaking at the event, Delta State Governor Sheriff Oborevwori, represented by his Deputy, Sir Monday Onyeme, urged the Federal Government to muster the political will to diversify the economy.
He said there was no magic wand to diversify the nation’s economy from over-dependence on revenue from crude unless concerted efforts were made in other key sectors.
He noted that the diversification of the economy must go beyond mere rhetoric to concrete measurable steps by facilitating non-oil exports such as agricultural products, manufactured goods and services as well as the expansion of the revenue base.