How Fuel Subsidy Removal, FX Unification Strengthen Nigeria’s Fiscal Position – NRS Boss
The executive chairman of the Nigeria Revenue Service (NRS), Dr. Zacch Adedeji, Wednesday stated that fuel subsidy removal and FX unification have strengthened Nigeria’s fiscal position.
Dr. Adedeji stated this in a presentation titled: ‘Fiscal Renewal, Revenue Mobilisationand the Economic Future of Oyo state’ at the Emerging Political Leaders Summit 2026 held at the Ibadan Civic Center between August 24 and 25 2026.
Represented by Abdulrahman A. Taiye, Dr Adedeji pointed out that Nigeria foreign reserves “have risen to $49.4 billion, with monthly FAAC allocations of N1.8 trillion–N2.6 trillion.”
In the presentation titled: “The “Renewed Hope Agenda” and Fiscal Renewal,” he stated that states benefit directly, adding, “monthly FAAC allocations reached N784 billion in February 2026, improving fiscal capacity and reducing reliance on federal bailouts.”
He said; “Fuel subsidy removal and FX unification have strengthened Nigeria’s fiscal position, foreign reserves have risen to $49.4 billion, with monthly FAAC allocations of N1.8 trillion –N2.6 trillion.
“The national agenda targets reduced multiple taxation and harmonised tax administration a framework that directly shapes how states like Oyo mobilise revenue.”
He noted that the agency had experienced tremendous growth in revenue generation under the administration of President Bola Ahmed Tinubu.
Dr Adedeji urged youths to become actively involved in politics, saying their participation would help drive policies capable of making the country better.
He added that young people should regard political participation as an opportunity to influence policies, provide solutions and contribute to national development rather than merely seeking personal benefits.
A former speaker of the Oyo state House of Assembly, Hon Ashimiyu Alarape, called on the emerging political leaders to adequately prepare themselves for the responsibilities ahead.
The former speaker said young political actors should educate themselves, remain proactive and develop the capacity required to provide effective leadership, while cautioning them against desperation.
Hon. Alarape stated that political opportunities would come at the appropriate time, and that “politics is turn by turn,” and that emerging leaders to remain patient while building their political capacity.
COURTESY: Blueprint
