The Minister of Finance, Mr Wale Edun, has revealed that the Federation Account has experienced an increase in revenue inflow from an average of N650 million monthly to over N1 trillion in the last four months since the removal of subsidy. Speaking in Asaba during a four-day retreat for members of the Federation Account Allocation Committee (FAAC), Edun emphasized that the subsidy removal was necessary as it eroded revenues that could fund critical expenditures for the well-being of the populace.
He acknowledged the government's focus on people-oriented policies and highlighted the importance of diversifying the nation's economy for sustained revenue.
The retreat's theme, "Creating a Resilient Economy through Diversification of the Nation’s Revenue," was commended by the minister, who stressed the need to broaden the tax base and simplify tax administration.
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