Nigeria Plans N11.9trn Budget in 2022

The federal government is projecting N900 billion for fuel subsidy in an estimated N11.907 trillion budget for 2022.
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said at a public presentation of the 2022-2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) yesterday in Abuja that at least N900 billion was being projected for fuel subsidy in 2022.
The minister lamented that subsidy is exerting huge cost on the country, adding that in a particular month, N150 billion was spent on subsidising petrol.
She said: “Right now, we are subsidising consumption in Nigeria. We sell at N165 per litre when our neighbours are selling at N500 per litre. It is only the marketers that are benefiting by taking this product from Nigeria and selling it across borders. The common man is not benefiting.