The Federal Government says it will stop the payment of fuel subsidy by the end of June 2023.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, made this known at the public presentation of the 2023 budget in Abuja on Wednesday.
Zainab said the Federal Government has earmarked N3.36 trillion for fuel subsidy payment in the 2023 budget for the first six months of the year, adding that the move was in line with the 18-month extension announced in early 2022.
The minister noted that Nigeria’s revenue performance as of November 2022 was N6.5 trillion, representing 87 per cent of the set target of N7.8 trillion for the year.
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She listed the major contributors to the revenue to include N586 billion from the Federal Government, Customs – N15 billion, independent revenue collection N1.3 trillion, and N3.7 trillion collection from other sources of revenue.
President Muhammadu Buhari had, on Tuesday, signed the 2023 budget of N21.83 trillion along with the 2022 Supplementary Appropriation Bill into law.
Buhari said the aggregate expenditures of N21.83 trillion, is an increase of N1.32 trillion over the initial Executive Proposal for a total expenditure of N20.51 trillion.
He added that his decision to sign the 2023 Appropriation Bill into law as passed by the National Assembly was to enable its implementation to commence without delay, considering the imminent transition process to another democratically elected government.
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