The government presents two scenarios, one involving the continuation of subsidy payment and another assuming partial payment until subsidy is phased out in 2023. Retaining petrol subsidy will cost Nigeria nearly N7 trillion in 2023, the Nigerian government has said. The government disclosed this in its draft fiscal strategy paper for 2023 through 2025, presented by the Minister of Finance, Budget & National Planning, Zainab Ahmed. The cost of making petrol cheaper for Nigerians has continued to rise for a country that produces crude oil but imports refined products. It is expected to reach N6.72 trillion next year if not scrapped, the finance ministry said. The government presented two scenarios in its fiscal paper, one involving the continuation of petrol subsidy payment and another assuming partial payment until subsidy is phased out in 2023. “Scenario 1 – the Business-as-Usual scenario: This assumes that the subsidy on PMS, estimated at […]