By the end of June 2023, the Federal Government has said that it would discontinue providing gasoline subsidies. During the public presentation of the 2023 Federal Government budget, Mrs. Zainab Ahmed, Minister of Finance, Budget, and National Planning, made this disclosure.
Mrs. Zainab said that the government has set aside N3. 36 trillion for gasoline subsidy payments to cover the first half of this year for the fiscal year 2023.
This is consistent with the 18-month extension announced in early 2022, she said. When breaking down the budget, the minister pointed out that, as of November 2022, the country had generated 6. 5 trillion naira in income, which was 87 percent of the yearly objective of 7. 8 trillion naira.
According to the minister of finance and planning, an analysis of the major contributors to revenue collection includes a N586 billion collection from the federal government, a N15 billion collection from customs, a N1.3 trillion independent revenue collection, and a N3.7 trillion collection from other sources of revenue.
Agriculture, which contributed 23% to the growth of the economy in 2022, information and communications technology, trade, and manufacturing were the top sectors with the oil and gas sector contributing just about 5. 6 percent.