The Federal Government has said there is no going back on plans to remove subsidy from Petroleum Motors Spirit this year.
The Minister of Finance, Budget and National Planning Hajya Zainab Ahmed stated this in Abuja on Wednesday, 5th January 2022 while presenting a breakdown of the 2022 budget.
She said since the Petroleum Industry Act had been signed into law, it would contravene the provisions of the Act if subsidy was retained.
Finance Minister Zainab Ahmed
The Minister said consultations were ongoing as to the best way of ameliorating the anticipated difficulty, the subsidy removal would have on Nigerians.
The Minister said the key assumptions of the budget include a projected oil production of one point eight million barrels a day inflation rate of thirteen percent GDP growth rate of 4.2 percent.
She said the World Bank made a forecast of seventy four dollars per barrel for 2022 owing anticipated rise in demand while Nigeria had provisioned sixty two dollars per barrel.
For the key sectoral allocations, Education got one point two trillion naira, Health got eight hundred and seventy six billion Infrastructure got one point four trillion naira Social Development and Poverty Reduction got four hundred and sixty two billion naira while Defence and Security got two point two trillion naira
