The Minister of Finance, Mr. Wale Edun, has reported an enhancement in the revenue inflow to the Federation Account following the removal of the subsidy. He stated that the monthly revenue has increased from an average of N650 million to over N1 trillion in the last four months. Speaking at a retreat for members of the Federation Account Allocation Committee (FAAC) in Asaba, Edun emphasized that the subsidy regime was unsustainable and eroded revenues that could have been used for critical expenditures. He assured that the government would continue to implement people-oriented policies and work towards economic growth and development. The minister highlighted the importance of broadening the tax base and simplifying tax administration for efficient collection.
