By our reporter| The current petrol subsidy regime will remain in place until mid-2023, the federal government said on Monday.
The Minister of Finance, Zainab Ahmed, who made the disclosure ahead the 2023 budget presentation, revealed that the government is proposing to spend only N3.36 trillion for petrol subsidy in 2023.
She 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.
The minister further stated 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 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.
The federal government is also 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 percent and inflation at 17 to 16 percent.
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