President Muhammadu Buhari: Fuel subsidy to end in 2023

Nigerian President Muhammadu Buhari has stated that petroleum product subsidies will end in 2023.

On Friday, October 7, the President stated this during his speech on the presentation of the 2023 budget proposal before a joint session of the national assembly titled “Budget of fiscal sustainability and transition.”

Buhari also told the National Assembly that the government cannot continue to fund tertiary institutions on its own.

While presenting the proposed N20.51 trillion budget, Buhari stated that the subsidy program must be phased out in order for the country’s economy to thrive.

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.”