• About
  • Advertise
  • Contact
Friday, May 30, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Economy

Fuel Subsidy Removal : Nigeria Now Earns Over N1tln Revenue Monthly

Vital News by Vital News
November 20, 2023
in Economy
0
Fuel Subsidy Removal : Nigeria Now Earns Over N1tln Revenue Monthly

Mr Wale Edun, Minister of Finance

Share on FacebookShare on Twitter

The Minister of Finance, Mr Wale Edun, says that the Federation Account is witnessing improved revenue inflow since the removal of subsidy from an average of N650 million monthly to over N1 trillion in the last four months.

The minister stated this on Monday in Asaba at the opening ceremony of a four-day retreat organised for members of the Federation Account Allocation Committee (FAAC).

The minister, represented by the Permanent Secretary, Finance, Special Duties, Mr Okokon Udo, said the government had long realized that petroleum subsidy was not sustainable.

According to him, the subsidy regime eroded revenues that should have been available to fund viable expenditures that were critical to the well-being of the populace.

The minister said the present administration was mindful of the needs and welfare of Nigerians and assured that it would continue to implement people-oriented policies.

RelatedStories

Sidi Ould Tah Elected New President Of AfDB

President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC

National Sports Festival’s Impact on Ogun Economy Massive – Abiodun

Poverty Alleviation: TMSG Hails FG’s Fast-tracked Cash Transfer To 15 million Vulnerable Households

“We all know that achieving tax revenue to Gross Domestic Product (GDP) target of 22 per cent and tax to GDP of 18 per cent by 2026 are parts of the cardinal objectives of this administration.

”However, in doing that, we appreciate the need not to overburden the taxpayers by introducing so many new taxes.

”What is necessary to be done is to broaden the tax base, simplify, and streamline tax administration for ease of collection,” he said.

Edun added : “Among the prior activities of this government after coming into office was the constitution of a Presidential Committee of Fiscal Policy and Tax Reforms.

“The committee has submitted an interim report that is full of optimism’’.

The minister also noted that the present administration was not oblivious to the untold hardship faced by Nigerians following the removal of fuel subsidy, and harmonisation of exchange rates.

He reassured that all the sacrifices made by people would never be in vain.

“The government is bent on ensuring that the economy bounces back to normal as we continue to consolidate recovery efforts while focusing on achieving inclusive economic growth and development,” he added.

Edun said that the Bola Tinubu-led administration has so far put in place well-structured palliative measures to cushion the economic consequences of the ongoing reforms.

On the theme of the retreat, ”Creating a Resilient Economy through Diversification of the Nation’s Revenue”, the minister commended the choice, stressing that it was suitable.

Edun also noted that the retreat clearly outlined the urgent need to diversify the nation’s economy.

In an opening remark, Gov. Sheriff Oborevwori of Delta tasked the federal government to muster the political will by putting the necessary policy and institutional framework in place to diversify the nation’s economy.

The governor, represented by his deputy, Sir Monday Onyeme, said that there was no magic wand to diversify the nation’s economy from over-dependence on revenue from crude oil unless concerted efforts were made in other key sectors.

He noted that the diversification of the nation’s economy must go beyond mere rhetoric to concrete, measurable steps by facilitating non-oil exports such as agricultural products, manufactured goods, and services, as well as the expansion of the revenue base.

Oborevwori affirmed that Delta was taking the lead in diversifying its economy by creating a Trade and Export Unit to drive the process of making economic diversification a reality.

He noted that some schools of thought believed that the discovery of crude oil, which led to the neglect of agriculture and other revenue-yielding non-oil sectors of the economy, was a curse.

Oborevwori said the country had not properly managed its oil wealth, adding that it was worrisome that the oil sector contributed between five per cent and seven per cent of the nation’s GDP.

He added that the non-oil sector, mostly agriculture, agribusiness, manufacturing, and small-scale enterprises, contributed 93 per cent to 95 per cent, yet the bulk of public revenue was from the oil and gas sector.

”Statistics have made it more exigent for the government to grow the non-oil sector to widen the revenue base while ensuring that maximum benefits are derived from the oil industry,” he said.

The governor commended the FAAC committee for its commitment to duty by enhancing revenue accruals into the federation account.

He urged the committee to look into the payment of 13 per cent derivation to oil-producing states.

Oborevwori challenged the committee to use the retreat to address the concerns raised by stakeholders concerning the new roles of the Nigeria National Petroleum Company Limited, among others, by giving a better understanding of their roles in the economic diversification of the country.

Accountant-Generals from the thirty-six states and the FCT, as well as other stakeholders such as Customs, are attending the retreat.
(NAN/vitalnewsngr.com)

Tags: EconomyFinancerevenuesubsidy
Previous Post

Former Nigeria’s Chief Of Army Staff, Maj.-Gen. Chris Alli Is Dead

Next Post

Lagos Landlord Sentenced To Life Imprisonment For Defiling Tenant’s Children

Vital News

Vital News

RelatedStories

Sidi Ould Tah Elected New President Of AfDB
Economy

Sidi Ould Tah Elected New President Of AfDB

May 29, 2025
President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC
Economy

President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC

May 29, 2025
National Sports Festival’s Impact on Ogun Economy Massive – Abiodun
Economy

National Sports Festival’s Impact on Ogun Economy Massive – Abiodun

May 27, 2025
We Are Better Off Together, President Tinubu To Malian Leader
Economy

Poverty Alleviation: TMSG Hails FG’s Fast-tracked Cash Transfer To 15 million Vulnerable Households

May 19, 2025
Economy

Tinubu’s Nigeria First Policy, Unique, Revolutionary -TMSG

May 16, 2025
Next Post
Abuja Chief Pharmacist Sentenced To Life Imprisonment For Rape/Sodomy, NAPTIP Lauds Judiciary

Lagos Landlord Sentenced To Life Imprisonment For Defiling Tenant's Children

We Reject Israel’s Move To Ethnically Cleanse Gaza – HAMAS

Israel Recalls Ambassador To South Africa

Emirates To Resume Dubai-Nigeria Flights Soon – Keyamo

Emirates To Resume Dubai-Nigeria Flights Soon – Keyamo

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

Police Begins Probe Into Borno Commissioner’s Death

Police Begins Probe Into Borno Commissioner’s Death

2 years ago
“THE ERA OF RENEWED HOPE“ – Tinubu’s Acceptance Speech

I Will Form A government Of National Competence , Tinubu Assures Nigerians

2 years ago
Tinubu Approves Tenure Extension For Controller – General Of Immigration, Kemi Nandap

Tinubu Approves Tenure Extension For Controller – General Of Immigration, Kemi Nandap

2 months ago

Ogun Moves To Rehabilitate Sango-Ijoko-Alagbole Road

3 years ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN Court Dangote death drugs Economy EFCC Election elections FG Fraud gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security Senate students Tinubu
No Result
View All Result

Highlights

Midterm Performance : Taraba State Rated Least In IGR, Good Governance

School Wall Collapses On Students Writing WAEC In Taraba

Army Armourer, 17 Other Soldiers, 15 Mobile Police Officers, Traditional Ruler Arrested For Selling Arms To Criminals

Islamic Cleric To Die By Hanging For Killing, Stealing N300,000 From Client In Osun

Emefiele Drags FG To Appeal Court Over Forfeiture Of 753 Units Of Houses In Abuja Estate

NDLEA Arrests Two Pilgrims Heading To Saudi Arabia With Cocaine

Trending

21 Die, 10 Missing In Niger Flood Disaster
Environment

21 Die, 10 Missing In Niger Flood Disaster

by Vital News
May 29, 2025
0

The Niger State Emergency Management Agency (NSEMA) has confirmed the death of 21 persons in massive floods...

Sidi Ould Tah Elected New President Of AfDB

Sidi Ould Tah Elected New President Of AfDB

May 29, 2025
President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC

President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC

May 29, 2025
Midterm Performance : Taraba State Rated Least In IGR, Good Governance

Midterm Performance : Taraba State Rated Least In IGR, Good Governance

May 29, 2025
School Wall Collapses On Students Writing WAEC In Taraba

School Wall Collapses On Students Writing WAEC In Taraba

May 29, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • 21 Die, 10 Missing In Niger Flood Disaster May 29, 2025
  • Sidi Ould Tah Elected New President Of AfDB May 29, 2025
  • President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC May 29, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In