According to Nigerian President Muhammadu Buhari, petroleum product subsidies would stop in 2023.
This was said by the President during his speech on the 2023 budget plan presentation on Friday, October 7, before a joint session of the national assembly titled: “Budget of Fiscal Sustainability and Transition.”
Additionally, Buhari reminded the National Assembly that the government cannot continue to support academic institutions on its own.
In his presentation of the planned N20.51 trillion budget, Buhari stated that the end of the subsidy program was necessary for the growth of the nation’s economy.
“As we look to increase government revenue, we must equally concentrate on the effective use of our scarce resources,” he said. The rapid implementation of additional measures aimed at lowering the cost of government and the cessation of fuel subsidies in 2023, as previously promised, are critical actions we are implementing.