FG reports surge in federation account inflow, surpassing N1 trillion monthly

FG reports surge in federation account inflow, surpassing N1 trillion monthly

The federal government declared on Monday that the Federation Account has experienced a substantial increase in monthly revenue, soaring from an average of N650 billion to over N1 trillion in the last four months since the removal of the subsidy.

Chief Olawale Edun, the Minister of Finance and Coordinating Minister of the Economy, made this revelation at the opening of the Federal Accounts Allocation Committee (FAAC) retreat in Delta. He commended the state government for hosting the 2023 FAAC retreat.

Edun, represented by Mr. Okokon Ekanem, the Permanent Secretary, Special Duties, Federal Ministry of Finance, highlighted significant reforms undertaken in the six months of the Bola Tinubu administration. These reforms include the removal of the petroleum subsidy and fiscal and monetary policy adjustments aimed at eliminating multiple taxation and simplifying tax administration. The objective is to achieve a single foreign exchange market.

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The government acknowledged the unsustainable nature of the petroleum subsidy, recognizing its adverse impact on revenue that could otherwise be allocated to critical expenditures for the welfare of the populace. Edun emphasized the commitment to consider the needs and welfare of Nigerians while implementing policies