News
Fuel Subsidy Is Estimated At N6.72tn For 2023 – Finance Minister
-
Subsidy or under-recovery is the underpriced sales of premium motor spirit (PMS), better known as petrol
- The Minister said subsidy payment projection is based on two prevailing scenarios — business-as-usual or reform
EDITOR’S PICK
- INEC Declares PDP’s Adeleke Osun Gov-Elect
- Yemi Osinbajo Undergoes Leg Surgery
- Governor Sanwo-Olu Charges Officials Over Poaching Of State Athletes
EKO HOT BLOG reports that the Federal Government on Thursday projected to spend N6.7 trillion on petrol subsidy payments in 2023.
Subsidy or under-recovery is the underpriced sales of premium motor spirit (PMS), better known as petrol.
Speaking at the presentation of the 2023-2035 Medium Term Expenditure Framework & Fiscal Strategy Paper (MTEF&FSP) in Abuja, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said subsidy payment projection is based on two prevailing scenarios — business-as-usual or reform.
“Scenario 1 is the Business-as-Usual. This is assuming that the subsidy on PMS, which is estimated at N6.72 trillion for the full year 2023, will remain and be fully provided for,” she said.
“Scenario 2 – the Reform scenario: This assumes that petrol subsidy will remain up to mid-2023 based on the 18-month extension announced early 2021, in which case only N3.36 trillion will be provided for.”
FURTHER READING
- 2023: Peter Obi Speaks On What He Would Do About IPOB Agitation If Elected President
- 2023: Tinubu’s Diaspora Group Registered In US
- 2023: Ogogo, Jide Kosoko Respond To Backlash, Gives Reasons For Endorsing Tinubu
She, however, said both scenarios have implications for net accretion to the federation account and projected deficit levels.
Click to watch our video of the week
Advertise or Publish a Story on EkoHot Blog:
Kindly contact us at [email protected]. Breaking stories should be sent to the above email and substantiated with pictorial evidence.
Citizen journalists will receive a token as data incentive.
Call or Whatsapp: 0803 561 7233, 0703 414 5611
