Nigeria to Spend $7.5 billion on Fuel Subsidies in 2023.

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Regarding Fuel scarcity, the Finance Minister, Zainab Ahmed, Nigeria has set aside 3. 36 trillion naira ($7.5 billion) to continue its expensive but well-liked gasoline subsidy into mid-2023.

The administration has cited this expense as the reason for the deteriorating status of the public finances. Between January and September 2022, the largest economy in Africa spent 2. 91 trillion naira ($7 billion) on a fuel subsidy.

The budget for 2023, which totals 21. 83 trillion naira ($49 billion), was approved by President Muhammadu Buhari after lawmakers increased its size by 6.4% and raised its oil price assumption.

In October, Buhari declared that the nation would end the fuel scarcity in 2023, after Nigerians elect a new president in February.

Nigeria’s development objectives are hampered by inefficient resource use. The World Bank has said, urging the country to remove subsidies on petrol, electricity and foreign exchange that mostly benefit wealthy households.

Reuters.

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