President Muhammadu Buhari has stated that subsidy on petroleum product will end in 2023.
The President made this known while delivering a speech on the presentation of the 2023 budget proposal before a joint session of the National Assembly on Friday, October 7 tagged: “Budget of fiscal sustainability and transition”.
Buhari also told the National Assembly that the government is incapable of funding tertiary institutions alone and cannot continue.
Buhari, while presenting the proposed N20.51 trillion budget, said that the subsidy program must cease for the country’s economy to blossom.
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.”