The federal government has once again said that it will cease payment of fuel subsidies in June 2023.
Mrs Zainab Ahmed, Minister of Finance, Budget, and National Planning, revealed this during the public presentation of the 2023 Federal Government budget.
Zainab stated that the government has set aside N3. 36 trillion naira for gasoline subsidy payments for the first six months of this year, adding that the action is consistent with the 18-month extension announced in early 2022.
The Minister also stated that the country’s revenue performance as of November 2022 was 6. 5 trillion naira, reflecting 87 percent of the year’s objective of 7. 8 trillion naira.
According to the minister of finance and planning, key contributors to revenue collection include a N586 billion collection from the Federal Government, a N15 billion collection from Customs, a N1.3 trillion collection from independent revenue sources, and a N3.7 trillion collection from other sources of revenue.
Agriculture contributed 23% to economic growth in 2022, followed by information and communications technology, trade, and manufacturing, with the oil and gas industry contributing only about 5.6%.
