Business
Fuel subsidy to be completely removed in 2023- Buhari
President Muhammadu Buhari has promised Nigerians that fuel subsidy will be completely removed in 2023.
He gave this assurance while presenting the proposed N19.76 trillion budget for the 2023 financial year.
According to him, fuel subsidy is a big issue in government finance and efforts have been put in place to remove the subsidy.
Following the signing of the Petroleum Industry Act, the Federal government was expected to stop the controversial fuel subsidy in six months which was June 2022.
However, appearing before the House of Representatives’ Ad Hoc Committee recently the Minister of Finance, Budget and National Planning, Zainab proposed a new date of June 2023, stating that the subsidy regime was not sustainable and might force the government to borrow more in 2023.
The new date for subsidy removal was again reiterated by President Buhari during the presentation.
This means that President Buhari billed to leave office on May 29, 2023, will leave the decision to implement the new date to remove subsidy for the next president.
A check on the Nigerian National Petroleum Company Limited showed that in the first seven months of 2022, more than N2.04 trillion has been spent on subsidy payments alone.
-
Latest7 days agoIsrael marks 3 years since October 7 Hamas attack amid Gaza strikes, election debate
-
Energy7 days agoFuel Battle: Dangote, marketers and government clash over petrol imports
-
Energy1 week agoPetrol, diesel prices rise 86% in 2026 as costs hit fresh highs
-
Latest2 days agoFull List: Meet the 2026 Nobel Prize winners across six categories
-
Football1 week agoNigeria’s World Cup exit under spotlight as FIFA’s DR Congo files emerge
-
Latest1 week agoUS Court set to rule on release of FBI, DEA records on Tinubu
-
Business1 week agoNigerian investors at a crossroads as fixed-income yields slide
-
Latest1 week agoOyo APC crisis deepens as Oluyole reconciliation meeting ends in brawl