The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, says the Federal Government will do away with petroleum subsidy by June 2023.
Ahmed said this on Tuesday in Abuja, during a press conference to mark the end of the 28th National Economic Summit (NES).
Mrs Zainab Ahmed, disclosed this during the public presentation of the 2023 Federal Government budget.
She disclosed that in the 2023 fiscal period, the government has made provisions of N3. 36trillion naira for fuel subsidy payment to cover the first six months of this year.
This, she stated, is in line with the 18-month extension announced in early 2022.
Breaking down the budget, the minister noted that the nation’s revenue performance as at November 2022 stood at 6. 5 trillion naira, representing an 87 percent of the set target of 7. 8 trillion naira for the year.
An analysis of the key contributors to the revenue collection according to the minister of finance and planning, includes a N586billion collection from the Federal Government, Customs – N15billion, independent revenue collection N1.3trillion as well as a N3.7trillion collection from other sources of revenue.
Top sectors that contributed to the growth of the economy in 2022 includes Agriculture at 23 percent, information and communications technology, trade, manufacturing with the oil and gas sector contributing just about 5. 6 percent.
Breaking down the budget, the minister noted that the nation’s revenue performance as at November 2022 stood at 6. 5 trillion naira, representing an 87 percent of the set target of 7. 8 trillion naira for the year.
An analysis of the key contributors to the revenue collection according to the minister of finance and planning, includes a N586billion collection from the Federal Government, Customs – N15billion, independent revenue collection N1.3trillion as well as a N3.7trillion collection from other sources of revenue.
Top sectors that contributed to the growth of the economy in 2022 includes Agriculture at 23 percent, information and communications technology, trade, manufacturing with the oil and gas sector contributing just about 5. 6 percent.
