FG SPENDS N18.39BN ON PETROL SUBSIDY DAILY – MINISTER OF FINANCE SAYS

August 19, 2022August 19, 2022

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The Minister of Finance Budget and National Planning, Zainab Ahmed, has said that the Federal Government is spending N18.39bn daily on fuel subsidy which is putting the country in dire financial stress.

The Minister disclosed this on Thursday, while answering questions from members of the house of representative Ad-hoc committees investigating the petroleum products subsidy regime in the country.

She said, “For 2023, the projection is that the average daily truck out will be 64.96 million litres per day.

The ministry has also consulted with the leadership of the national assembly and has submitted the draft Medium-Term Expenditure Framework {M-TEF} for 2023-2025.

At the hearing, the Executive Chairman of the Federal Inland Revenue Services {FIRS}, Muhammad Nami, explained that its role was purely the collection of revenue for the government and not keeping records of how the monies were expended.

However, the chairman of the ad-hoc committee, Ibrahim AL-Mustapha Aliyu, and members questioned the rationale behind the subsidy regime as well as payments and funds withdrawal from the Consolidated Revenue Fund (CRF) and Excess Crude Account to fund subsidy.