The Federal Government said on Monday, August 29, that the gasoline subsidy would last until the middle of 2023.
The federal government is only proposing to spend N3.36 trillion on gasoline subsidies in 2023, according to Minister of Finance Zainab Ahmed, who testified before the House of Representatives Committee on Finance in Abuja about the specifics of the 2023-2025 Medium-Term Expenditure Framework and Fiscal Strategy Paper.
According to Ahmed, the Federal Government anticipates a deficit of N11.30 trillion and total expenditures of N19.76 trillion for the 2023 fiscal year.
The Federal Government also anticipates generating N8.46 trillion in total revenue, of which N1.9 trillion is anticipated to come from sources connected to the oil industry and the remaining N4 trillion from sources unrelated to the oil industry.
With the actual Gross Domestic Product (GDP) forecast at 3.7 percent and inflation at 17 to 16 percent, it is anticipated that the Federal Government will fix the price of crude oil at $70 per barrel at an exchange rate of N435.57 to the dollar.