The Federal Government of Nigeria has said that it will stop the payment of fuel subsidy by the end of June 2023.
According to the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, the government has made provisions of N3. 36 trillion naira for fuel subsidy payment to cover the first six months of this year.
Breaking down the budget, the minister noted that the nation’s revenue performance as at November 2022 stood at 6. 5 trillion naira, representing an 87 percent of the set target of 7. 8 trillion naira for the year.
The key contributors to the revenue collection includes a N586billion collection from the Federal Government, Customs – N15billion, independent revenue collection N1.3trillion as well as a N3.7trillion collection from other sources of revenue.
Top sectors that contributed to the growth of the economy in 2022 includes Agriculture at 23 percent, information and communications technology, trade, manufacturing with the oil and gas sector contributing just about 5. 6 percent.