Zainab Ahmed, representatives Minister of, Finance, Budget, and National Planning, says the government might be unable to provide for treasury-funded capital projects next year.
She made this known on Monday in her presentation to the House of Representatives’ Committee on Finance at the hearing on the proposed 2023-2025 Medium Term Expenditure Framework and Fiscal Strategy Paper,
The minister stated that the reason is due to dwindling revenue and payment of subsidy on Premium Motor Spirit popularly known as petrol.
Ahmed pointed out that the country’s revenue growth targets have been affected by crude oil production challenges and the petrol subsidy deductions by the Nigerian National Petroleum Company Limited.
She said the government is proposing a budget with estimates totaling N19.76tn, while the deficit will hover between N11.30tn and N12.41tn in the 2023 fiscal year.
