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Fuel subsidy removal raised monthly federation revenue to about N1trillion – Edun

The Minister of Finance and Coordinating Minister of Economy, WALE EDUN, says the Federation Account witnessed improved revenue inflow since the removal of subsidy from an average of 650 billion naira monthly to over 1 trillion naira in the last four months.


EDUN stated this at a four-day retreat organised for members of the Federation Account Allocation Committee in Asaba, the Delta State capital.


According to him, the government had for long realised that petroleum subsidy is not sustainable because it erodes revenues that should have been available to fund viable expenditures that are critical to the wellbeing of the populace.


He also said achieving tax revenue to GDP target of 22 per cent and tax to GDP of 18 per cent by 2026 are parts of the cardinal objectives of the present administration.

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