The Federal Government has said it will stop the payment of fuel subsidy by the end of June 2023. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this yesterday, January 4. This was during the public presentation of the 2023 Federal Government budget.
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Zainab disclosed that in the 2023 fiscal period, the government has made provisions of N3.36 trillion for fuel subsidy payments to cover the first six months of this year. This subsidy removal, she stated, is in line with the 18-month extension announced in early 2022. Breaking down the budget, the minister noted that the nation’s revenue performance as of November 2022 stood at N6.5 trillion; representing 87 per cent of the set target of N7.8 trillion for the year.
An analysis of the key contributors to the revenue collection according to the minister of finance and planning includes N586 billion collection from the Federal Government, Customs of N15 billion, independent revenue collection of N1.3 trillion; as well as N3.7 trillion collection from other sources of revenue.
Top sectors that contributed to the growth of the economy in 2022 include Agriculture at 23 per cent, information, and communications technology, trade; and manufacturing with the oil and gas sector contributing just about 5.6 per cent.
The depreciation in the contribution of the oil and gas sector to the economy according to the minister represents the government’s resolve to diversify the economy.
As regards tax waivers, the minister of finance announced the withdrawal of the pioneer status tax waiver for companies going forward.
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