BREAKING: Federation Account Revenue Increases By 45% Under Tinubu

The Federation Account has recorded a 45% increase in revenue since President Bola Ahmed Tinubu assumed office, attributed to his administration’s bold reforms and policies.

Dr. Mohammed Bello Shehu, Chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC), made this announcement during a press briefing in Abuja.

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EKO HOT BLOG reports that he highlighted the administration’s commitment to repositioning Nigeria’s revenue framework through initiatives like proposed tax reform bills, designed to address longstanding fiscal challenges.

“We acknowledge the hardships Nigerians face, but these reforms will significantly boost GDP in the long run,” Dr. Shehu stated. He commended President Tinubu for initiating reforms early in his term, describing the move as a testament to his commitment to driving economic progress.

Dr. Shehu dismissed reports alleging RMAFC’s opposition to the proposed tax reforms, calling such claims “false and malicious.” He emphasized the Commission’s role in actively supporting the reforms and ensuring adherence to global fiscal standards.

The tax reforms aim to enhance Nigeria’s revenue-to-GDP ratio by integrating untapped revenue sources and addressing fiscal inequities. RMAFC has submitted a memorandum to guide the process and is collaborating with the National Assembly to ensure the bills align with global best practices.

While urging the media to avoid misinformation, Dr. Shehu stressed the importance of constructive dialogue to foster public understanding. He called on Nigerians to rally behind the reforms, which promise to reduce tax evasion, promote fiscal equity, and strengthen the country’s economic foundation.

“These reforms are a crucial step toward a prosperous Nigeria. Let us support the President’s vision for sustainable growth and development,” Dr. Shehu urged.

The Tinubu administration’s fiscal strategy aims to secure Nigeria’s economic future through bold and transformative initiatives.

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