Eliminating subsidies raises FAAC's monthly revenue to ?1 trillion

The primary obstacle the government faces in generating income is the petroleum subsidy, according to governments that have come before them.The Federation Account Allocation Committee (FAAC) now receives greater revenue as a result of the removal of gasoline subsidies; in just four months, the fund's monthly amount increased from ?650 billion to ?1 trillion.Wale Edun, the Coordinating Minister of the Economy and Minister of Finance, said this at the start of a four-day retreat for FAAC members in Asaba, the capital of Delta State.The minister, who was represented by Okokon Udo, Permanent Secretary, Finance, Special Duties, claimed that the subsidy regime had squandered funds that the government could have utilized to fund long-term initiatives that were essential to the people's welfare.