Fed Acct Records N1tr Revenue Inflow since Removal of Fuel Subsidy-Edun
By Patience Ikpeme
The removal of fuel subsidy has led to a significant increase in revenue inflows to the Federation Account, with collections rising from an average of N650 billion monthly to over N1 trillion in the past four months, according to Finance Minister Wale Edun.
Speaking at the opening ceremony of a two-day retreat for the Federal Account Allocation Committee (FAAC), Edun attributed the positive revenue trend to the administration’s economic reforms, which he said have been widely applauded by experts and international partners.
“The sacrifices made by Nigerians following the removal of petroleum subsidy and harmonisation of exchange rate will not be in vain,” Edun assured, emphasizing the government’s commitment to ensuring a resilient economy that benefits all citizens.
Delta State Governor, Honourable Sheriff Oborevwori, represented by Deputy Governor, Monday Onyeme, commended FAAC members for their dedication and contributions to enhancing revenue accruals into the Federation Account. He highlighted the need to address outstanding issues related to the payment of 13% derivation to oil-producing states following the enactment of the Petroleum Industry Act (PIA).
The Permanent Secretary Finance, Okokon Ekanem Udo, represented by Director Home Finance, Federal Ministry of Finance, Ali Mohammed, described the retreat as timely and critical in addressing the nation’s economic challenges stemming from overreliance on oil revenue. He disclosed the upcoming implementation of the State Action on Business Enabling Reforms (SABER) program, a collaborative initiative between the Federal Government and the World Bank, aimed at boosting business activities and contributing to revenue growth.
The two-day retreat brought together the Accountant-General of the Federation, 36 Commissioners of Finance, Accountant Generals of States, Representatives of the World Bank, FAAC members, and staff and management of the Federal Ministry of Finance and OAGF.
