President Muhammadu Buhari has announced the discontinuation of the oil subsidy regime from next year.
He stated this while presenting the 2023 budget estimates to the joint session of the National Assembly in Abuja Wednesday.
He described the oil subsidy regime as grossly unsustainable in the current reality of low revenues occasioned by oil theft and insecurity.
He, however said safety net would be provided for the vulnerable members of the society to cushion the effects of the policy.
The President also stressed the need for the government to find new ways of generating revenue, he said additional measures of reducing cost of government would be implemented.
He also listed other alternative means of revenue generation, which he said would be explored.
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