The Nigerian FG has announced that the subsidy on petrol is estimated at N6.72 trillion for 2023, which would be fully provided for.
This was disclosed by the Ministry of Finance at the Public Consultative Forum on the 2023-2025 Medium-Term Fiscal Framework.
The ministry also projected a second scenario whereby following mid-2023 based on the 18-month extension announced in early 2021, only N3.36 trillion will be provided for fuel subsidy.
The report stated that both scenarios have implications for net accretion to the Federation Account and projected deficit levels.