Africa’s biggest economy spent $7 billion towards a petrol subsidy between January and September 2022, state-owned firm NNPC said, a cost the government has blamed for dwindling public finances
Nigeria will keep its costly but popular petrol subsidy until mid-2023 and has set aside 3.36 trillion naira ($7.5 bln) to spend on it, Finance Minister Zainab Ahmed said on Wednesday.
Africa’s biggest economy spent 2.91 trillion naira ($7 billion) towards a petrol subsidy between January and September 2022, state-owned firm NNPC said, a cost the government has blamed for dwindling public finances.
President Muhammadu Buhari signed the 2023 budget of 21.83 trillion naira ($49 billion) into law on Tuesday after lawmakers increased the size by 6.4% and raised the oil price assumption.
“Petrol subsidy will remain up to mid-2023 based on the 18-month extension announced early 2022,” Ahmed said.
Buhari said in October that the country would stop the petrol subsidy in 2023, when he steps down after Nigerians vote for a new leader in February.
Successive governments in Nigeria have tried and failed to remove or cut the subsidy, a politically sensitive issue in the country of 200 million people.
Inefficient use of resources is constraining Nigeria’s development goals, the World Bank has said, urging the country to remove subsidies on petrol, electricity and foreign exchange that mostly benefit wealthy households. ($1 = 448.05 naira)
I really enjoyed this! Check out my website
Reading your article helped me a lot and I agree with you. But I still have some doubts, can you clarify for me? I’ll keep an eye out for your answers.
I have read your article carefully and I agree with you very much. This has provided a great help for my thesis writing, and I will seriously improve it. However, I don’t know much about a certain place. Can you help me?
I have read your article carefully and I agree with you very much. This has provided a great help for my thesis writing, and I will seriously improve it. However, I don’t know much about a certain place. Can you help me?
Information very well taken!!
casino online games soaring eagle online casino app youwager – online wagering: sportsbook • casino • poker
Nicely put, Cheers!
essay weiter help me write my scholarship essay which question can help a writer revise an argumentative essay
Thanks for sharing. I read many of your blog posts, cool, your blog is very good.
Nicely put, Many thanks.
[url=https://quality-essays.com/]pay someone to write my college essay[/url] pay for an essay [url=https://buyanessayscheaponline.com/]pay for college papers[/url] pay for essay
This web site is really a walk-by for the entire information you wished about this and didn’t know who to ask. Glimpse here, and you’ll positively discover it.
Thanks for sharing. I read many of your blog posts, cool, your blog is very good.