Following the removal of subsidy by the federal government, the Minister of Finance, Mr Wale Edun, stated that the Federation Account has witnessed improved revenue inflow from an average of six hundred and fifty million monthly to over one trillion naira in the last four months.
The minister stated this on Monday in Asaba at the opening ceremony of a four-day retreat organised for members of the Federation Account Allocation Committee (FAAC).
The minister, represented by the Permanent Secretary, Finance, Special Duties, Mr Okokon Udo, said the government had long realized that petroleum subsidy was not sustainable.
“We all know that achieving tax revenue to Gross Domestic Product (GDP) target of 22 per cent and tax to GDP of 18 per cent by 2026 are parts of the cardinal objectives of this administration.
”However, in doing that we appreciate the need not to overburden the taxpayers by introducing so many new taxes.
”What is necessary to be done is to broaden the tax base, simplify and streamline tax administration for ease of collection,” he said.
The minister said the present administration was mindful of the needs and welfare of Nigerians and assured that it would continue to implement people-oriented policies.
Join our twitter community :