The Federal Government has said that petrol subsidy will remain in place until mid-2023.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, disclosed this on Monday in Abuja.
Ahmed, who spoke when she met with the House of Representatives Committee on Finance in Abuja on the details of the 2023-2025 Medium-Term Expenditure Framework and Fiscal Strategy Paper, said the government is proposing to spend N3.36 trillion for petrol subsidy in 2023.
She said the Federal Government is proposing an aggregate expenditure of N19.76 trillion for the 2023 financial year, with a projected deficit of N11.30 trillion.
According to Ahmed, the Federal Government is projecting the total revenue of N8.46 trillion, out of which N1.9 trillion is expected to come from oil-related sources while the remaining is to come from non-oil sources.
Meanwhile, the Federal Government is expected to peg crude oil price at $70 per barrel at an exchange rate of N435.57 per dollar, while real Gross Domestic Product is projected at 3.7 per cent and inflation at 16 per cent to 17 per cent.