The Federal Government of Nigeria has disclosed that fuel subsidy will gulp ₦5.4 trillion in 2024.
This is sequel to its earlier denial that it deregulated the product in its entirety.
This was made known by Wale Edun, Minister of Finance and Coordinating Minister of the Economy in a recent presentation of the Accelerated Stabilisation and Advancement Plan, ASAP report.
“At current rates, expenditure on fuel subsidy is projected to reach ₦5.4 trillion by the end of 2024. This compares unfavourably with ₦3.6 trillion in 2023 and ₦2.0 trillion in 2022,” a draft copy of the ASAP presented by Edun said.
According to Edun, the ASAP report was designed to address vital issues affecting the reform initiatives and stimulate development in various sectors of the economy.
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