According to the Federal Government, N3.36 trillion would be set aside for gasoline subsidies in 2023 as Nigeria debt profile reaches $102 billion.

The first half of 2023 will reportedly get N3.36 trillion in fuel subsidies, according to the federal government. This information was released on Wednesday, October 19, in Abuja by the minister of finance, Zainab Ahmed. According to Ahmed, the proposed 2023 budget includes a deficit of N10.78 trillion. She stated that local and international borrowing and income from privatization would be used to pay the deficit. She claims that of Nigeria $102 billion in debt, 35% is foreign and 65% is domestic and that the present public debt is equal to 23% of the nation GDP. The minister added that inflation of 17.16% was also taken into account in the 2023 budget. She claims that the draft 2023 budget was created in light of global issues including the COVID 19 epidemic and the Russia Ukraine war.