Why the end of fuel subsidies by 2023 – President Buhari

According to President Muhammadu Buhari, oil subsidies would stop by 2023 since they are no longer viable given the present budgetary impact.

This was said by Buhari on Friday, October 7, in Abuja, when he presented the national legislature with the proposed budget for 2023.

He said, “As we work to increase government revenue, we must equally concentrate on the effective use of our scarce resources. The rapid execution of additional measures aimed at lowering the cost of governance and the cessation of fuel subsidies in 2023, as previously indicated, are crucial actions we are implementing.

We will still continue to carry out programs to serve the more vulnerable parts of society since we are aware that too sharp a cut in government spending can lead to societal instability.

Since the early 1980s, gasoline subsidies have been a recurrent and divisive topic of public policy in our nation.