Latest
FG reportedly admits paying fuel subsidy
Fuel subsidy is projected to gulp about N5.4 trillion in 2024, according to the federal government.
This is against the N3.6 trillion budgeted for the same intervention in 2023. A draft copy report of the Accelerated Stabilization and Advancement Plan (ASAP) presented to President Tinubu by the finance minister, Wale Edun, on Tuesday, showed that the estimated expenditure on fuel subsidy for 2024 is N5.4 trillion, a sum of N1.8 trillion more than the amount spent in 2023.
The ASAP was designed to address key challenges affecting the reform initiatives and stimulate development in various sectors of the economy.
“At current rates, expenditure on fuel subsidy is projected to reach ₦5.4 trillion by the end of 2024. This compares unfavourably with ₦3.6 trillion in 2023 and ₦2.0 trillion in 2022,” a draft copy of the ASAP presented by Edun said. Previously, the Tinubu-led government had maintained that it would no longer subsidise fuel costs.
-
Business6 days agoThe Pros and Cons of Nigeria’s $10bn Surge in Capital Importation
-
Featured2 days agoTwo arrested after England team equipment stolen ahead of World Cup opener
-
Business4 days agoGround handlers suspend services to Max Air over unpaid debts
-
Featured6 days agoNigeria must move beyond zoning, choose leaders based on competence ahead of 2027 – Baba-Ahmed
-
Latest6 days agoKwankwasiyya dismisses reports of Kwankwaso’s exit from NDC
-
Football1 week agoChristian Eriksen stable after collapsing during Denmark–Ukraine friendly
-
Latest5 days agoReps bar first-term lawmakers, block Ugochinyere’s bid for minority leader
-
Aviation4 days agoNSIB recovers black boxes as probe deepens into private jet’s highway landing in Delta