December 8, 2023

Opinion Naija

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FG again confirms that it would stop payment of fuel subsidy by June 2023
January 5, 2023


The federal government has again reiterated that it would stop payment of fuel subsidy by June 2023.


This was disclosed by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, during the public presentation of the 2023 Federal Government budget.


Zainab who revealed that the government has made provision of N3. 36trillion naira for fuel subsidy payment to cover the first six months of this year, added that the move is in line with the 18-month extension announced in early 2022.


The Minister added that the nation’s revenue performance as at November 2022 stood at 6. 5 trillion naira, representing 87 percent of the set target of 7. 8 trillion naira for the year.


Key contributors to the revenue collection according to the minister of finance and planning, includes a N586billion collection from the Federal Government, Customs – N15billion, independent revenue collection N1.3trillion as well as a N3.7trillion collection from other sources of revenue.


Top sectors that contributed to the growth of the economy in 2022 includes Agriculture at 23 percent, information and communications technology, trade, manufacturing with the oil and gas sector contributing just about 5. 6 percent.