FG to spend N6.7trn on petrol subsidy in 2023

The federal government has projected to spend N6.7 trillion on petrol subsidy payments in 2023.

Zainab Ahmed, minister of finance, budget and national planning, said this on Thursday at the presentation of the 2023-2035 Medium Term Expenditure Framework & Fiscal Strategy Paper (MTEF&FSP) in Abuja.

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Ahmed said the subsidy is based on two prevailing scenarios.

The first scenario, which is business-as-usual, estimated a petrol subsidy at N6.72 trillion for the full year 2023.

In the second scenario, the minister said petrol subsidy would remain up to mid-2023 based on the 18-month extension announced in early 2021, in which case only N3.36 trillion will be provided for.