The Minister of Finance, Budget and National Planning, Zainab Ahmed, has said the Federal Government is ready to stop fuel subsidy by June 2023.
Ahmed disclosed this on Tuesday in Abuja during a press conference organised to mark the end of the 28th National Economic Summit.
The News Agency of Nigeria reports that fuel subsidy consumed N2.565tn between January and August 2022.
Also, in the Medium-Term Expenditure Framework, the Federal Government proposed to spend N3.3tn on fuel subsidy between January and June 2023.
According to Ahmed, removal of fuel subsidy is one of the FG’s medium-term plan in the 2023 budget.
The Minister, however, said that the challenge currently being faced was 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.