FG Will End Fuel Subsidy by June 2023, Says Finance Minister
Finance Minister
The Minister of Finance, Budget and National Planning, Zainab Ahmed, on Tuesday said the federal government will end fuel subsidy by June 2023.
Speaking at a press briefing marking the end of the 28th National Economic Summit, the Minister said the federal government spent as much as N2.565tn between January and August on fuel subsidy.
According to News Agency of Nigeria report, the Minister also said that under the Medium-Term Expenditure Framework, the federal government proposed to spend N3.3tn on fuel subsidy between January and June 2023.
She disclosed that the removal was government’s medium term plan for the 2023 budget.
Zainab added that the biggest challenge was on how to go about ending the subsidy.
She was quoted saying, “First, we have to engage. We have already engaged with the states and the public before it was approved as part of the medium-term plan.
“We have to do it by systematically informing the citizens about the size and the quantum of the fuel subsidy.
“We also have to educate them about the opportunity cost of what we are unable to do because of the fuel subsidy”.
Speaking at a press briefing marking the end of the 28th National Economic Summit, the Minister said the federal government spent as much as N2.565tn between January and August on fuel subsidy.
According to News Agency of Nigeria report, the Minister also said that under the Medium-Term Expenditure Framework, the federal government proposed to spend N3.3tn on fuel subsidy between January and June 2023.
She disclosed that the removal was government’s medium term plan for the 2023 budget.
Zainab added that the biggest challenge was on how to go about ending the subsidy.
She was quoted saying, “First, we have to engage. We have already engaged with the states and the public before it was approved as part of the medium-term plan.
“We have to do it by systematically informing the citizens about the size and the quantum of the fuel subsidy.
“We also have to educate them about the opportunity cost of what we are unable to do because of the fuel subsidy”.
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