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JUST IN: FG to spend N900bn on oil subsidy in 2022


Nigeria economy not dependeing on oil sector

The Minister of Finance Budget and National Planning, Zainab Shamsuna Ahmed, on Thursday revealed that the Federal Government intends to spend N900 billion on subsidy payout to oil marketers in 2022.

Speaking at the presentation of the Medium Term Expenditure Framework/Fiscal Strategy Paper for 2022-2024 in Abuja, Ahmed revealed that the sum of N13.98trillion would be spending the 2022 fiscal year.

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The Nation reports that the government led by the President, Major General Muhammadu Buhari (retd) will reduce its capital expenditure to N3.61trillion in 2022, from the N4.37trillion approved for 2021.

More tom come…