RMAFC Chairman, Mohammed Shehu.The Federal Government has confirmed it will be releasing a six-month report which contains details of revenue accrued from the removal of fuel subsidy.
According to a report by Daily Sun, this was disclosed by the Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mohammed Shehu who added that the report has already been forwarded to the president for approval.
Speaking further, Shehu revealed that the amount disbursed so far to the three tiers of the government, how much was collected and shared as well as how much was deducted will be included in the report.
“We are coming out with a six-month report of what has been generated in the last six months for this year. what has been disbursed, to all three tiers of government. We have officially forwarded it to the leadership - the president and the stakeholders. But by next week you are going to have those figures. How much was collected, how much was shared, how much was deducted, the cost of collection by the revenue generating agencies; any outstanding liabilities and some other things,” he said.
On petrol subsidy, Shehu noted that during the subsidy regime, the country was not only subsidising petroleum products for Nigeria only but extended it to the entire West African sub-region.
“The nation can no longer afford that kind of money to be given in and out. It’s going to run us into bankruptcy. It’s not only in Nigeria that we have been subsidising but the entire West African sub-region.” He said.
He also revealed that recently, the consumption of PMS has been reduced by about 10% adding that over the years, about 30% to 40% of petroleum products from the Nigerian National Petroleum Corporation (NNPC) are exported to Cameroon, Niger and Benin.
Shehu also explained that after the removal of the subsidy, the revenue earned by the three tiers of government would increase thus allowing the government to do more projects since there would be more money for sharing not only with local governments and states but even to the Federal Government.
