The Federal Government says that it will stop the payment of fuel subsidy by the end of June 2023.
The Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed, says that in the 2023 fiscal period, the government has made provisions of N3. 36 trillion naira for fuel subsidy payments to cover the first six months of this year.
The minister noted that the nation’s revenue performance as of November 2022 stood at 6. 5 trillion nairas, representing 87 percent of the set target of 7. 8 trillion naira for the year.
An analysis of the key contributors to the revenue collection includes a 586 billion collection from the Federal Government, Customs – N15 billion, an independent revenue collection of N1.3 trillion as well as a N3.7trillion collection from other sources of revenue.