The Federal Government of Nigeria has revealed that fuel subsidy payment will gulp 3.36 trillion naira in six months.
However, this means subsidy payment will persist till the end of the year, 2023.
The Minister of Finance, Budget and disclosure Planning, Mrs Zainab Ahmed, made this known in Abuja during the public presentation of the 2023 national budget recently signed into law by the president, Muhammadu Buhari.
She said, “The projected fiscal result in the 2023 Budget is based on the PMS subsidy reform scenario.
“In the 2023 Budget framework, it is assumed that fuel(petrol) subsidy will remain up to mid-2023 based on the 18 months extension announced in early 2022.”
World Bank and economic experts on different forums have continued to raise concerns over Nigeria’s continuous petrol subsidy payment.
