The federal government has acknowledged that Nigeria will spend up to N5.4 trillion on oil subsidies in 2024.
This revelation follows months of denials from government officials regarding the existence of such subsidies.
The admission was made by Wale Edun, Minister of Finance and Coordinating Minister of the Economy, during a presentation on the Accelerated Stabilisation and Advancement Plan (ASAP). The plan aims to tackle key challenges in reform initiatives and stimulate development across various economic sectors.
A draft copy of the ASAP presented by Edun revealed that “At current rates, expenditure on fuel subsidy is projected to reach ₦5.4 trillion by the end of 2024. This compares unfavorably with ₦3.6 trillion in 2023 and ₦2.0 trillion in 2022”.