FG: Petrol Subsidy Continues
According to a statement made by the Federal Government on Monday, August 29, the petrol subsidy will continue until the middle of 2023.
During her appearance in Abuja before the House of Representatives Committee on Finance to discuss the details of the 2023–2025 Medium-Term Expenditure Framework and Fiscal Strategy Paper, Minister of Finance Zainab Ahmed stated that the Federal Government is only planning to spend N3.36 trillion on petrol subsidy in 2023.
Ahmed said the Federal Government anticipates a deficit of N11.30 trillion and total expenditures of N19.76 trillion for the 2023 fiscal year.
The Federal Government also anticipates generating N8.46 trillion in total revenue, of which N1.9 trillion is anticipated to come from sources connected to oil industry while the remaining is to come from non-oil sources.
With the actual Gross Domestic Product (GDP) forecast at 3.7 percent and inflation at 17 to 16 percent, it is anticipated that the Federal Government will fix the price of crude oil at $70 per barrel at an exchange rate of N435.57 to the dollar.