FG Allocates N3.36tn For Fuel Subsidy

The Federal Government says N3.36tn has been allocated for fuel subsidy in 2023 as Nigeria’s debt profile hits $102bn.

The Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, who made this known on Wednesday in Abuja, said the 2023 budget proposal has a budget deficit of N10.78 trillion.

She said this will be funded through domestic and multilateral borrowings and proceeds from privatization.

The Minister also said the 2023 budget also factored in 17.16% inflation.

The Minister said the current public debt is at 23% of the country’s gross domestic product.

She explained that 2.74 trillion naira is allocated to defense and security, N998.9billion is allocated to infrastructure, and N756billion is allocated to social development and poverty reduction.

Dr Zainab Ahmed noted that the draft 2023 budget was prepared in the context of international challenges such as the Russia-Ukraine war and the COVID-19 pandemic, and she added that revenue generation has been a major challenge to the country’s national development.

In terms of critical sector allocations, she stated that 2.05 trillion naira is set aside for education and 1.58 trillion naira for health.

The post FG Allocates N3.36tn For Fuel Subsidy appeared first on Lawyard.

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