President Muhammadu Buhari has said that the country will discontinue fuel subsidy by 2023.
Buhari said this on Friday during the presentation of the proposed 2023 budget tagged “Budget of fiscal sustainability and transition” to the national assembly, in Abuja.
According to Buhari, the petrol subsidy policy was no longer sustainable considering the current fiscal impact.
“As we seek to grow our government revenues, we must also focus on the efficiency of utilisation 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,” he said.
Buhari said discontinuing the policy was necessary for the country to manage its limited resources.
However, he noted that there would be alternative provisions to curb the effects of the petrol subsidy removal.