Petrol subsidy to remain till mid-2023 – FG | latest news from nigerian newspapers today

Petrol subsidy to remain till mid-2023 – FG


The Federal Government on Monday August 29, expressed that the petroleum sponsorship will stay set up until mid-2023.

Clergyman of Finance, Zainab Ahmed who showed up before the House of Representatives Committee on Finance in Abuja on the subtleties of the 2023-2025 Medium-Term Expenditure Framework and Fiscal Strategy Paper, said the national government is proposing to spend just N3.36 trillion for petroleum appropriation in 2023.

Ahmed uncovered that the Federal Government is proposing a total consumption of N19.76 trillion for the 2023 monetary year, with an extended shortfall of N11.30 trillion.

The Federal Government is additionally extending the absolute income of N8.46 trillion, out of which N1.9 trillion is supposed to come from oil-related sources while the leftover is to come from non-oil sources.

It is normal that the Federal Government will fix unrefined petroleum cost at $70 per barrel at a swapping scale of N435.57 per dollar, while genuine Gross Domestic Product (GDP) is projected at 3.7 percent and expansion at 17 to 16 percent.

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