Petrol: Finance Minister Says Subsidy To Gulp N450bn In 2020 - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (F.BA)
October 15, 2019
The Minister for Finance, Budget and NationalPlanning, Zainab Ahmed, says under-recovery of fuel subsidy will gulp 450billion naira in 2020. She stated at the public presentation of the 2020 budgetproposals.
The Minister added that it was called ‘under-recovery’because it was the cost of operation of the Nigeria National PetroleumCorporation, NNPC. She said that recurrent spending was expected to raise by11.28 per cent, from 4.39 trillion naira in 2019 to 4.88 trillion naira in2020.
This, she said, would reflect in salaries andpensions, including provisions for implementation of the new minimum wage.
Zainab explained that the overall budget deficit of2.17 trillion naira represents 1.52 per cent of the Gross Domestic Product, GDPand 1.64 trillion naira of it would be funded by both domestic and externalborrowing.
According to the Minister, the external sources willprovide 850 billion naira, while domestic sources will provide 744.99 billionnaira.