{"id":228728,"date":"2022-11-16T05:44:48","date_gmt":"2022-11-16T04:44:48","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=228728"},"modified":"2022-11-16T05:44:48","modified_gmt":"2022-11-16T04:44:48","slug":"finance-minister-fuel-subsidy-to-end-in-2023","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/11\/16\/finance-minister-fuel-subsidy-to-end-in-2023\/","title":{"rendered":"Finance minister: Fuel subsidy to end in 2023"},"content":{"rendered":"

Zainab Ahmed, the Minister of Finance, Budget and National Planning has stated that the\u00a0Federal Government will do away with petroleum subsidy by June 2023.<\/p>\n

This was stated on Tuesday by Ahmed in Abuja\u00a0during a press conference to mark the end of the 28th National Economic Summit.<\/p>\n

According to NAN report,\u00a0fuel subsidy gulped N2.565tn between January and August 2022.<\/p>\n

Also, in the Medium-Term Expenditure Framework, the Federal Government proposed to spend N3.3tn on fuel subsidy<\/a> between January and June 2023.<\/p>\n

According to Ahmed, removal of fuel subsidy is part of the FG\u2019s medium-term plan in the budget.<\/p>\n

She, however, said that the challenge was how to go about removing the subsidy.<\/p>\n

\u201cFirst, we have to engage. We have already engaged with the states and the public before it was approved as part of the medium-term plan.<\/p>\n

\u201cWe have to do it by systematically informing the citizens about the size and the quantum of the fuel subsidy.<\/p>\n

\u201cWe also have to educate them about the opportunity cost of what we are unable to do because of the fuel subsidy<\/a>,\u201d she said.<\/p>\n

According to the minister, the fuel subsidy, in addition to budget deficit, is putting enormous pressure on the \u201cfiscals\u201d.<\/p>\n

\u201cIt is not money that we have; it is money that we have to borrow to maintain the fuel subsidy.<\/p>\n

\u201cSome countries introduced subsidy during the COVID-19, and because of the Russia-Ukraine conflict, but they are using their money to fund such subsidy.<\/p>\n

\u201cIn our case, we are borrowing to pay the subsidy; that is double jeopardy. It is something that has to stop<\/p>\n

\u201cWe are glad that majority of people in decision-making positions, including the political parties, have agreed that subsidy is not sustainable.<\/p>\n

\u201dThe plan is, by June 2023, we must have completely exited subsidy, and it has to be a gradual process,\u201d she said.<\/p>\n

NAN<\/p>\n","protected":false},"excerpt":{"rendered":"

Zainab Ahmed, the Minister of Finance, Budget and National Planning has stated that the\u00a0Federal Government will do away with petroleum subsidy by June 2023. This was stated on Tuesday by Ahmed in Abuja\u00a0during a press conference to mark the end of the 28th National Economic Summit. According to NAN report,\u00a0fuel subsidy gulped N2.565tn between January […]<\/p>\n","protected":false},"author":17,"featured_media":120701,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"custom","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"single-left","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"floatbottom","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored 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