Petrol subsidy to remain till mid-2023 – FG

Ahead of the 2023 budget presentation, the Federal Government yesterday reiterated that petrol subsidy will remain in place until mid-2023.

According to the Minister of Finance, Zainab Ahmed, the Government is proposing to spend only N3.36 trillion for petrol subsidy in 2023.

The Minister made the comment while meeting with the House of Representatives Committee on Finance in Abuja on the details of the 2023-2025 Medium-Term Expenditure Framework and Fiscal Strategy Paper, (MTEF).

She added that the Federal Government is proposing an aggregate expenditure of N19.76 trillion for the 2023 financial year, with a projected deficit of N11.30 trillion.

According to Mrs. Zainab, the Federal Government is projecting a total revenue of N8.46 trillion, out of which N1.9 trillion is expected to come from oil-related sources while the remaining is to come from non-oil sources.

Meanwhile, the Federal Government is expected to peg crude oil price at $70 per barrel, at an exchange rate of N435.57 per dollar, while real Gross Domestic Product (GDP) is projected at 3.7% and inflation at 17 to 16%.

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