The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed that the removal of the fuel subsidy has resulted in a substantial increase in the monthly Federation Revenue, reaching an average of N1 trillion over the last four months.
Speaking at a two-day retreat for the Federal Account Allocation Committee (FAAC) in Asaba, the Minister emphasized the positive impact on monthly revenue shared among the federal, state, and local governments, elevating it from an average of N650 billion per month.
Represented by the Permanent Secretary, Mr. Okokon Udo, Edun highlighted the relevance of the retreat’s theme, aligning with the directive from President Bola Ahmed Tinubu’s administration on domestic revenue mobilization. The retreat, held at the Dome Event Centre in Delta State, aimed to address crucial financial strategies.
The economic reforms implemented by the current administration received acclaim from economic experts in Nigeria, as well as international bodies such as the International Monetary Fund and the World Bank, according to a statement from the Federal Ministry of Finance’s Director of Press, Mr. Stephen Kilebi.
Edun expressed the government’s commitment to ensuring that the sacrifices made during the reforms lead to a robust economic recovery, focusing on inclusive growth and development. The administration remains dedicated to fiscal and monetary reforms, fostering a conducive business environment, diversifying the revenue base, creating fiscal space for critical infrastructure investment, and maintaining macroeconomic stability.
Delta State Governor, Mr. Sheriff Oborevwori, represented by Deputy Governor Monday Onyeme, commended FAAC members for their fairness in distributing Federation Revenue among the three tiers of government. He acknowledged corrections made in computations and refunds concerning oil-producing states but stressed the need for further efforts, particularly regarding the payment of 13% derivation to oil-producing states since the implementation of the Petroleum Industry Act (PIA). The retreat aimed to address concerns and enhance financial strategies in light of recent economic reforms.