The Federal Government reiterated on Monday, August 29, 2022 that the petrol subsidy will be in effect until the middle of 2023 in advance of the 2023 budget presentation.
According to Zainab Ahmed, the Minister of Finance, the government is only planning to spend N3.36 trillion on gasoline subsidies in 2023.
She made the remark while discussing the specifics of the 2023-2025 Medium-Term Expenditure Framework and Fiscal Strategy Paper with the House of Representatives Committee on Finance in Abuja.
The Federal Government is proposing total spending of N19.76 trillion for the fiscal year 2023, with a projected deficit of N11.30 trillion, the minister continued.
Mrs. Zainab claims that the Federal Government anticipates generating N8.46 trillion in total revenue, of which N1.9 trillion is anticipated to come from sources tied to the oil industry and the remainder from non-oil sources.
