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2023 National Budget: Removal of fuel subsidy will lead to hyper-inflation – Sopitan

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The Federal Government says N3.36 Trillion Naira has been allocated for fuel subsidy in 2023 as Nigeria’s debt profile hits $102 Billion Dollars.

The Minister of Finance, Zainab Ahmed, who made this known on Wednesday in Abuja, also said the 2023 budget proposal has a budget deficit of 10.78 trillion naira.

She said this will be funded through domestic and multi-lateral borrowings and proceeds from privatization.

According to her, of Nigeria’s $102 Billion Dollars debt, 35% is foreign and 65% is domestic, while the current public debt is at 23% of the country’s gross domestic product.

The minister also said the 2023 budget also factored in 17.16% inflation.

To discuss this further, Segun Sopitan, financial expert, joins me. Thank you for joining me.




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