Petrol Subsidy Will Remain Till June 2023 – FG

Petrol Subsidy Will Remain Till June 2023 – FG

EKO HOT BLOG reports that the Federal Government on Monday reiterated that petrol subsidy will remain in place until mid-2023.

According to the Minister of Finance, Zainab Ahmed, the government is proposing to spend only N3.36 trillion for petrol subsidy in 2023.

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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 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.

According to her, the Federal Government is projecting the 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.

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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 percent and inflation at 17 to 16 percent.

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