The Federal Government says there is no going back on plans to remove subsidy from Petrol this year, Minister of Finance, Budget and National Planning Hajya Zainab Ahmed has said in Abuja today while presenting a breakdown of the 2022 budget.
She noted that since the Petroleum Industry Act had been signed into Law, it would contravene the provisions of the Act if subsidy was retained.
The Minister said consultations were ongoing as to the best way of ameliorating the anticipated difficulty, the subsidy removal would have on Nigerians.
The Minister said the key assumptions of the budget include a projected oil production of 1.8 million barrels a day inflation rate of 13 per cent GDP growth rate of 4.2 per cent.
According to her, the World Bank made a forecast of $74 per barrel for 2022 owing anticipated rise in demand while Nigeria had provisioned $62 per barrel.
For the key sectoral allocations, Education got 1.2 trillion Naira, Health got eight 876 billion Naira. Infrastructure got 1.4 trillion Naira, Social Development and Poverty Reduction got 462 billion Naira while Defence and Security got 2.2 trillion Naira.
SOURCE: RadioNigeria