The Minister of Finance, Mr. Wale Edun has revealed that the Federation Account has been witnessing an improved revenue inflow of over N1 trillion since the removal of subsidy.
The minister made this on Monday in Asaba at the opening ceremony of a four-day retreat organized for members of the Federation Account Allocation Committee (FAAC).
Edun, represented by the Permanent Secretary, Finance, Special Duties, Mr Okokon Udo revealed the Federal Government had for long, realised that petroleum subsidy was not sustainable.
According to him, the subsidy regime eroded revenues that should have been deployed towards expenditures that were critical to the well-being of the populace.
The minister noted that President Bola Tinubu’s administration was mindful of the needs and welfare of Nigerians and assured that it would continue to implement people-oriented policies.
The minister further disclosed that the current administration was not unaware of the hardship faced by Nigerians, following the removal of fuel subsidies, and unification of exchange rates.
Edun reassured that President Tinubu would ensure the economy was back to normal so the sacrifice of the masses would not be in vain.
Furthermore, the minister said that the present administration has so far put in place well-structured palliative measures to lessen the effect of the ongoing reforms.
