Fuel subsidy to go by June 2023, says finance minister

Written by on November 16, 2022

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, says the Federal Government will do away with petroleum subsidy by June 2023.
Ahmed said this on Tuesday in Abuja, during a press conference to mark the end of the 28th National Economic Summit (NES).The News Agency of Nigeria (NAN) reports that fuel subsidy gulped N2.565 trillion between January and August 2022.
Also, in the Medium-Term Expenditure Framework, the Federal Government proposed to spend N3.3 trillion on fuel subsidy between January and June 2023.According to Ahmed, removal of fuel subsidy is part of the Federal Government’s medium-term plan in the budget.
She, however, said that the challenge is how to go about removing the subsidy.

Current track