FG to end petrol subsidy in June 2023
The House of Representatives’ Ad Hoc Committee to Investigate the Petroleum Products Subsidy Regime from 2013 to 2022, on Thursday, grilled the Minister of Finance, Budget and National Planning, Zainab Ahmed, over payments of subsidy on Premium Motor Spirit (petrol) by the Federal Government. In her presentation, Ahmed disclosed that the Federal Government had now proposed a new date to end payments on under-recovery between the landing cost and regulated pump price of PMS, stating that the subsidy regime was not sustainable and might force the government to borrow more in 2023. According to the finance minister, the government had now planned for payment of subsidy for only half of next year, as contained in the 2023-2025 Medium Term Expenditure Framework and Fiscal Strategy Paper. Ahmed further disclosed that the President, Major General Muhammadu Buhari (retd.), transmitted the MTEF/FSP to the President of the Senate, Ahmad Lawan, and Speaker of the House of Representatives, Femi Gbajabiamila, as approved by the National Economic Council and the Federal Executive Council, respectively.