CBN Clarifies Position On Conversion Policy

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed has revealed that the country’s debt service cost in the first quarter (Q1) 2022 was N1.94 trillion, N310 billion higher than the actual revenue received during the period.

Furthermore, Ahmed projected a total of N6.72 trillion as a full-year budget for petrol subsidy payment in 2023, if the country decides to continue with the policy that had been identified as a drain on the economy.

It also emerged that the federal government spent more to service debt in the first quarter (Q1) of 2022, than the actual revenue it earned during the same period.

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Ahmed also projected that should the subsidy end in June 2023, based on the federal government’s earlier timeline, the sum of N3.36 trillion would be required to meet the financial obligations associated with subsidizing the product.

The finance minister affirmed that the federal government’s share of oil revenue was N285.38 billion, representing 39 per cent performance while non-oil tax revenues totalled N632.56 billion — a performance of 84 per cent.



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