Despite Poor Economy, Nigeria’s Finance Minister Says Country ‘Isn’t Broke’

Despite Poor Economy, Nigeria’s Finance Minister Says Country ‘Isn’t Broke’

By Agency Reports on December 2, 2022
Zainab Ahmed, Subsidy
Zainab Ahmed, the Minister of Finance

Despite the rising cost of Iiving which has pushed the majority of Nigerians into multidimensional poverty the Federal government has insisted that Nigeria is not broke.

Zainab Ahmed, the minister of finance, Budget, and National Planning, made the declaration at a news conference in Abuja to unveil the administration’s scorecard in the sector from 2015 to date.

The Minister, who was flanked by her information counterpart, Alhaji Lai Mohammed, however, admitted that Nigeria only has some revenue challenges to meet its obligations.

Petrol Subsidy Will End After Buhari Leaves Office – Finance Minister

Zainab Ahmed, the minister of Finance, Budget, and National Planning, says the Federal Government will do away with petroleum subsidy by June 2023.

Ahmed said this on Tuesday, November 15, 2022, in Abuja, during a press conference to mark the end of the 28th National Economic Summit, NES.

The News Agency of Nigeria, NAN, reports that fuel subsidy gulped N2.565 trillion between January and August 2022.

Also, in the Medium-Term Expenditure Framework, the Federal Government proposed to spend N3.3 trillion on fuel subsidy between January and June 2023.

According to Ahmed, removal of fuel subsidy is part of the Federal Government’s medium-term plan in the budget.

She, however, said that the challenge is how to go about removing the subsidy.

“First, we have to engage. We have already engaged with the states and the public before it was approved as part of the medium-term plan.

“We have to do it by systematically informing the citizens about the size and the quantum of the fuel subsidy.


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