Wale Edun says the Petrol Subsidy Removal has Significantly Increased the Inflow of Revenue
Finance Minister, Wale Edun, has said the petrol subsidy removal has significantly increase the inflow of revenue into the defecation account.
According to Edun, the policy has raised the monthly revenue coming into the federation account from an average of N650 million to over N1 trillion in the last four months.
The minister gave the figure in Asaba, the delta state capital, at the opening of a four day retreat organized for members of the Federation Account Allocation Committee.
The minister represented by a permanent secretary in Finance Ministry, Okokon Udo, said the petrol subsidy was not sustainable because it was snatching away fund required for developmental projects.
The Federal Government as always, will remain committed to the fiscal and monetary reforms that the administration has started, which are aimed at providing enabling business environment, diversifying the revenue base of the economy, creating fiscal space for investment in critical infrastructure and ensure macroeconomic stability, Mr. Edun was quoted as saying.
Delta State Governor, Mr. Sheriff Oborevwori who was represented by the Deputy Governor, Monday Onyeme, commended FAAC members for their fairness in sharing Federation Revenue among the three tiers of government.
This, according to him was especially true in the case of the oil-producing states of the federation where several wrong computations were corrected and refunds made.
He noted, however, There is still much work to be done in this direction, particularly on the payments of 13% derivation to oil producing states, since the coming into force of the Petroleum Industry Act (PIA).
The Governor added that, since the implementation of the PIA a lot of concerns had been raised by stakeholders of this sector in respect of the new roles of the Nigeria National Petroleum Company Limited (NNPCL) as it effects inflows of revenue into the Federation Account, stating that he hoped the retreat would address those concerns and lay them to rest permanently.