2023 Budget: Buhari earmarks N3.6trn for fuel subsidy

By Biodun Busari

President Muhammadu Buhari has allocated N3.6 trillion to fund the fuel subsidy for the first half of the year 2023.

Buhari revealed this in the official presentation of the 2023 budget proposal before a joint session of the National Assembly in Abuja on Friday.

The budget proposal was tagged, ‘Budget of fiscal sustainability and transition’ and that would be the last for President as he leaves office on May 29, 2023.

Read also: We’ll borrow, sell national assets to fund N10.78trn 2023 budget deficit — Buhari

Buhari, while presenting the proposed N20.51 trillion budget, said that the subsidy regime must cease for the country’s economy to blossom.

Buhari earmarked N3.6trillion to fund fuel subsidies from January to June next year with a warning that the subsidy regime must stop for saving the Nation’s economy from avoidable bleedings on yearly basis.

He said, “As we seek to grow our government revenues, we must also focus on the efficiency of utilization of our limited resources. Critical steps we are taking include immediate implementation of additional measures towards reducing the cost of governance and the discontinuation of fuel subsidy in 2023 as announced earlier.”

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