Fuel Subsidy To Remain Still Mid 2023 – Federal Government

The federal government has disclosed that petrol subsidy will remain till June 2023.

 

This was stated by the Minister of Finance, Ahmed Zainab, while speaking to the House of Representatives committee on Finance in Abuja on details of the 2023-2025 Medium-Term Expenditure Framework & Fiscal Strategy Paper.

Ahmed revealed that the federal government plans to spend N3.36 trillion on petrol subsidies in 2023.

She also revealed the proposed aggregate expenditure of N19.76 trillion for the fiscal year 2023, with a projected deficit of N11.30 trillion.

The Federal Government is also projecting the total revenue of N8.46 trillion, out of which N1.9 trillion is expected to come from oil-related sources while the remaining is to come from non-oil sources.

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It is expected that the Federal Government will peg crude oil price at $70 per barrel at an exchange rate of N435.57 per dollar, while real Gross Domestic Product (GDP) is projected at 3.7 percent and inflation at 17 to 16 percent.

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