Subsidy removal : Nigeria’s Monthly Revenue Hits Over N1 Trillion

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has disclosed that the Federation Account has experienced a surge in monthly revenue, surpassing N1 trillion since the removal of fuel subsidy, compared to an average of N650 billion monthly over the last four months.

Edun, speaking at a retreat organized by the Federal Ministry of Finance, highlighted the administration’s economic reforms, including subsidy removal and fiscal policies, praising them for receiving recognition from both local and international entities such as the International Monetary Fund (IMF) and the World Bank.

Despite acknowledging the challenges faced by Nigerians due to subsidy removal and exchange rate harmonization, Edun affirmed the government’s commitment to ensuring economic recovery and inclusive growth.

The retreat, held in Delta State, aimed at diversifying the nation’s revenue for a resilient economy, with Edun expressing optimism about achieving the retreat’s objectives in collaboration with the conducive environment provided by Delta State.

He concluded by reiterating the Federal Government’s dedication to fiscal and monetary reforms that enhance the business environment, diversify the revenue base, and ensure macroeconomic stability, emphasizing a collective effort to build a resilient economy for Nigeria.