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FG proposes N19.76tn as 2023 budget, petrol subsidy intact till mid 2023

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FG, states, LGAs share N722.7bn as FAAC allocation for February

Adebayo Obajemu

The Federal Government of Nigeria has proposed a budget N19.76 trillion for 2023 with a projected deficit of N11.30 trillion.

According to the Minister of Finance, Zainab Ahmed, the government projected the total revenue of N8.46 trillion, out of which N1.9 trillion is expected to come from oil related sources while the remaining is to come from non-oil sources.

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Mrs Zainab also disclosed that petrol subsidy will remain in place until mid-2023. The government is proposing to spend only N3.36 trillion for petrol subsidy in 2023.

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