The Federal Government could be compelled to spend a lot more than the $800 million (371.2 billion naira) it had previously budgeted due to an expansion in the range of stakeholders’ negotiations currently ongoing.
This information was revealed by the Finance Minister, Zainab Ahmed, during a briefing with the Nigerian media contingent at the just finished World Bank and International Monetary Fund, IMF, 2023 Spring meeting held in Washington DC, USA.
Recall that the Federal Executive Council, FEC, had earlier this month concluded the subsidy budget with an estimate of N371 billion to be raised as a loan from the World Bank for palliatives to cushion the effect of removal of fuel subsidy on low-income households totaling about 10 million, with a headcount estimate of 50 million people.
