FG Slashes Fuels Subsidies Funds From N771b To N200b

 

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ABUJA:

 

In anticipation that landing costs of oil product would continue to drop as oil prices drop, the federal government has slashed the amount it would pay for petroleum subsidies next year.

The N771 billion that was to be paid for subsidies in 2015 has been slashed to N200 billion.

Government is also proposing to draw down about half a billion dollars (N80 billion) from the Excess Crude Account (ECA) and borrow N570 billion to finance the 2015 fiscal deficit put at 0.79 percent, which is however down from 1.24 percent this year.

Co-ordinating minister for the economy and minister of finance, Ngozi-Okonjo-Iweala had publicly advised Nigerians to prepare for “a very difficult time” as government struggles to keep up the economy amidst prevailing revenue challenges.

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