The Minister of Finance and Co-ordinating Minister of the Economy, Wale Edun, has revealed that the removal of the fuel subsidy has led to a substantial increase in the monthly Federation Revenue, averaging around N1 trillion over the past four months.
This marks a considerable upswing from the previous monthly average of N650 billion, according to Mr. Edun, who made the announcement at a two-day retreat for the Federal Account Allocation Committee (FAAC) held in Asaba, Delta State.
Represented by the Permanent Secretary, Mr. Okokon Udo, the Minister emphasized the positive impact of this decision on the revenue shared by the federal, state, and local governments.
The retreat’s theme, focusing on domestic revenue mobilization, aligns with the administration’s directive from President Bola Ahmed Tinubu, signaling a strategic move towards economic recovery and sustainability.
The Director of Press of the Federal Ministry of Finance, Mr. Stephen Kilebi, highlighted that economic experts within Nigeria, as well as international bodies such as the International Monetary Fund and the World Bank, have applauded the economic reforms undertaken by the current administration.
Mr. Edun reiterated the government’s commitment to sustaining these reforms, ensuring an enabling business environment, diversifying the revenue base, and investing in critical infrastructure to achieve macroeconomic stability.
Delta State Governor, Mr. Sheriff Oborevwori, represented by Deputy Governor Monday Onyeme, commended FAAC members for their fairness in distributing Federation Revenue.
Acknowledging corrections made in computations for oil-producing states, he stressed the need for further work, particularly in the context of the Petroleum Industry Act (PIA).
Governor Oborevwori expressed concerns about the new roles of the Nigeria National Petroleum Company Limited (NNPCL) and anticipated that the retreat would address and resolve these concerns permanently, providing clarity on the inflow of revenue into the Federation Account.
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