May 22, 2024
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OIL & GAS RENEWABLE ENERGY

Nigerian Government Experience Better Revenue Inflow since Subsidy Removal

The Federation Account is witnessing an improved inflow of revenue since the removal of fuel subsidy. This was made known by the minister of finance, Wale Edun at Asaba on Monday during the opening ceremony of a four-day retreat organized by the members of the Federation Account Allocation Committee (FAAC).

The revenue inflow he said has improved from an average of N650 billion monthly to over N1 trillion in the last four months.

The minister who was ably represented by the Permanent Secretary, Finance, Special Duties, Okokon Udo, said the government had, for long, realized that petroleum subsidy was not sustainable, according to Opera News.

In his opinion, subsidy regime had consumed a huge part of the county’s revenue which would have played an essential role in funding critical projects that would have helped in improving the well-being of Nigerians.

The minister re-emphasized the present administrations awareness of the needs of its populace and its commitment and tireless effort to continue to work on the policies that are people oriented.

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