Nigeria to spend N6trn on fuel subsidy this year — El-Rufai
Written by City Radio on January 25, 2023
Governor Nasir El- Rufa’i of Kaduna State said yesterday that Nigeria planned to spend N6 trillion on fuel subsidy for six months, N4 trillion to subsidize the naira and N300 billion to subsidise electricity in 2023.
The governor, who spoke during the 12th Kaduna State Council on Health Meeting in Kaduna, said the N6 trillion on fuel subsidy, which was a quarter of the budget, was more than the entire budget of states and local governments on health this year.
According to him, the Nigerian National Petroleum Company Limited, NNPCL has not remitted anything to the federation account since the last quarter of 2021, adding this had forced Nigeria to depend mainly on import duties and taxes as revenue allocation shared by the three tiers of government.
He said the dwindling revenue had forced states to re-prioritize their spending and cut expenses.