Edun also noted that the Tinubu administration was not oblivious of the hardship faced by Nigerians following the removal of fuel subsidy.
By Jeffrey Agbo
Minister of Finance, Wale Edun, on Monday said that since the removal of fuel subsidy Nigeria has moved from an average of N650 million monthly to over N1 trillion in the last four months.
Mr Edun, represented by the Permanent Secretary, Finance, Special Duties, Okokon Udo, stated this in Asaba, Delta State at the opening ceremony of a four-day retreat organised for members of the Federation Account Allocation Committee (FAAC).
According to him, subsidy regime eroded revenues that should had 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.
“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 needs not to overburden the tax payers 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.
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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 which is full of optimism.”
Edun also noted that the Tinubu administration was not oblivious of the hardship faced by Nigerians following the removal of fuel subsidy and harmonisation of exchange rates.
He reassured that all the sacrifices made by Nigerians would not be in vain.
“Government is bent on ensuring that the economy bounces back to normal as we continue to consolidate on recovery efforts with focusing on achieving inclusive economic growth and development,” he added.
Edun said the Tinubu administration has so far put in place well-structured palliative measures to cushion the economic consequences of the ongoing reforms.
Accountant-generals from 36 states and the FCT as well as other stakeholders such as the Nigeria Customs Service are attending the retreat.