The Minister of Finance, Mr. Wale Edun has revealed that the Federation Account has been witnessing an improved revenue inflow of over N1 trillion since the removal of subsidy.<\/p>\n
The minister made this on Monday in Asaba at the opening ceremony of a four-day retreat organized for members of the Federation Account Allocation Committee (FAAC).<\/p>\n
Edun, represented by the Permanent Secretary, Finance, Special Duties, Mr Okokon Udo revealed the Federal Government had for long, realised that petroleum subsidy was not sustainable.<\/p>\n
According to him, the subsidy regime eroded revenues that should have been deployed towards expenditures that were critical to the well-being of the populace.<\/p>\n
The minister noted that President Bola Tinubu\u2019s administration was mindful of the needs and welfare of Nigerians and assured that it would continue to implement people-oriented policies.<\/p>\n
\u201c\u2019 We all know that achieving tax revenue to Gross Domestic Product (GDP) target of 22% and tax to GDP of 18% by 2026 are parts of the cardinal objectives of this administration.<\/p>\n
In doing that we appreciate the need not to overburden the taxpayers by introducing so many new taxes.<\/p>\n
\u201d What is necessary to be done is to broaden the tax base, simplify and streamline tax administration for ease of collection,\u201d he said.