Petrol Subsidy To Gulp N3.36trn In 2023, To Stay Untill Mid-Year
The federal government is proposing a N3.36 trillion petrol subsidy for 2023, a clear indication that it will continue to subsidise the fuel consumption of Nigerians until mid-2023.
Minister of Finance, Zainab Ahmed disclosed this at a meeting with the House of Representatives committee on finance to discuss the 2023-2025 Medium-Term Expenditure Framework and Fiscal Strategy Paper ahead of the 2023 budget presentation, to the Federal Government on Monday.
It would be recalled that the Senate during the revision of the current budget approved N3.55 trillion for petrol subsidy while the House of Representatives okayed N4 trillion.
The minister 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.
Ahmed hinted the Federal Government is projecting 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 per cent and inflation at 17 to 16 per cent.
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