FG projects N6.7trn for petrol subsidy spending in 2023

The federal government has projected to spend N6.7 trillion on petrol subsidy payments in 2023.

This was according to a Statement by Zainab Ahmed, minister of finance, budget and national planning, on Thursday at the presentation of the 2023-2035 Medium Term Expenditure Framework & Fiscal Strategy Paper (MTEF&FSP) in Abuja.

She said the subsidy is based on two prevailing scenarios.

The first scenario, which is business-as-usual, estimated a petrol subsidy at N6.72 trillion for the full year 2023.

In the second scenario, the minister said petrol subsidy would remain up to mid-2023 based on the 18-month extension announced in early 2021, in which case only N3.36 trillion will be provided for