President Muhammadu Buhari has declared that payment of Subsidy on Petroleum products by the Federal Government is no longer a sustainable practice.
President Buhari disclosed this in his speech to the National Assembly while presenting the 2023 Appropriation Bill to its Joint Sitting.
He added that their is an urgent need to put an end to the subsidy regime in the country in 2023.
President Buhari disclosed that the Federal Government is doing everything possible to ensure improved power generation in the country.
Going Further the President said that the government has listed a number of roads across the country for construction.
The President said that revenue generation shortfall has remained the greatest challenge to the government.
He said the government was putting in place measures to ensure that revenue generated by agencies of government are remitted to the Consolidated Revenue Fund of the federation.
He said the revenue reforms being implemented by the government were yielding positive results and asked for the continued cooperation of the Assembly in achieving greater efficiency in revenue generation.
The President also assured Nigerians that the aftermath of his Presidency will be littered with legacy projects that will aid National Development in years to come.
Both the President of the Senate, Ahmad Lawan, and the Speaker of the House of Representatives, Femi Gbajabiamila, both commended the president but called for action to be taken in addressing the issue of Oil Theft and enhancing revenue generation to aid government’s efforts towards National Development.
The issue of the humongous amount being spent yearly running into Trillions of Naira in providing subsidy on Petroleum products has been on the front burner for quite sometime especially since the subsidy scandal broke out under the administration of former President Goodluck Jonathan.
The reported amount to be paid for Petroleum Subsidy in Nigeria for the fiscal year 2022 is N6.7 Trillion.
This humongous amount according to experts could be better utilised for Other more pressing infrastructure and Social amenities.
The 2023 Budget will be the last to be presented or implemented by President Muhammadu Buhari as President, he will be leaving office after the 2023 Elections.
He is expected to be succeeded by one of the leading Ptresidential candidates Asiwaju Bola Ahmed Tinubu of the APC, Alhaji Atiku Abubakar of the PDP, Rabiu Musa Kwankwaso of the NNPP and Peter Obi of the Labour Party.