Zainab Ahmed, minister of finance, budget and national planning, says the federal government may begin the gradual removal petrol subsidy from April 2023. Ahmed spoke on Tuesday during an interview
January 18, 2023 11:18 AM
Speaking during the interview, the minister noted that the petrol subsidy regime must be exited as it is revenue that would have gone into the government coffers.“Where there is not enough revenue for government to buy the refined petroleum products, we have had to borrow to buy the petroleum products. So, if we take that out, that is about N3.25 trillion. That is a significant relief, that we do not incur any more than that number that we projected for in 2023,” she said.
“The president does not want to contemplate a situation where measures are taken that are further going to burden the citizens. So, the decision was to extend the period from June 2022 to 18 months, beginning from January 2022,” the minister said.
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