Govt makes N462 billion from partial subsidy removal
Federal Government on Friday said that money accruing into government's coffers from the partial removal of subsidy was N462 billion.
The Federal government attempted full deregulation of the downstream sector of the petroleum sector in January 2012, but was forced to back track by full-blown labour and civil society resistance.
However, the price of petrol was adjusted upwards from then N65 a litre to the current N97 per litre. to
The amount of accruals was disclosed by the Director General Budget Office, Dr Bright Okogwu, who met with the Committee on Public Finance and Revenue at the on-going National Conference.
Okogwu suggested that the Value Added Tax (VAT) which is currently put at 5% be increased to 10%.
A statement issued by the Assistant Secretary Media and Communications, Akpandem James, said the purpose of the committees’ meeting with Okogwu was to give insights into the management of Federal Government fiscal operations and also know what the issues and challenges are.