Federation account receives N1tn in four months, says FG

Mr. Wale Edun, the Minister of Finance and Coordinating Minister of Economy, has announced that the Federation Account has experienced an improvement in revenue inflow following the removal of subsidy.

The average monthly revenue has increased from approximately N650 billion to over N1 trillion in the last four months.JAMB Portal

This statement was made during a four-day retreat organized for members of the Federation Account Allocation Committee (FAAC) in Asaba, the capital of Delta State. The minister’s speech was delivered by the Permanent Secretary of the Ministry, Mr. Okokon Udo, who commended FAAC for choosing the theme of the retreat, which is “Creating a Resilient Economy through Diversification of the Nation’s Revenue.” The theme underscores the importance of diversifying revenue sources to build a more robust economy.

He said, “I commend your choice of the theme because of the suitability and the utmost attention of the current administration of Bola Tinubu has directed to domestic revenue mobilisation.informationguidenigeria

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“The economic reforms which this administration has undertaken since its inception in May, 2023 clearly outlined right steps to transformation of the country’s economy.NYSC PORTAL

“In less than six months of the administration, we have witnessed the introduction of important reforms, such as petroleum subsidy removal, fiscal and monetary policies reforms aimed at removing multiple taxation among others.JAMB Result

“The Federation Account in particular is witnessing improved revenue inflow since the removal of subsidy from an average of N650 billion monthly to over N1 trillion in the last four months.

“The government had for long realised that petroleum subsidy is not sustainable given it erodes revenues that should have been available to fund viable expenditures that are critical to wellbeing of the populace.”

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