The petroleum subsidy is to be completely removed by June 2023, according to the Federal Government.
Minister of Finance, Budget and National Planning, Zainab Ahmed, reaffirmed this during a press conference to mark the end of the 28th National Economic Summit, )NES) in Abuja.
The fuel subsidy gulped 2.565 trillion naira between January and August 2022.
Also, the Government had, in the Medium-Term Expenditure Framework, proposed to spend 3.3 trillion naira on fuel subsidies between January and June 2023.
The minister added that the removal of fuel subsidies is part of the Federal Government’s medium-term plan in the budget.
She, however, said the challenge is how to go about removing the subsidy, adding that the government had already engaged with the States and the public before it was approved as part of the government’s medium-term plan.
According to Zainab, the petrol subsidy, in addition to the budget deficit, is putting enormous pressure on the “fiscals”.
Also, the Minister of State for Budget and National Planning, Clement Agba, said the National Development Plan, put together by the Federal Government, will help boost the economy.
