The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has said that the Federal Government will do away with petroleum subsidy by June 2023.

Speaking during a press conference to mark the end of the 28th National Economic Summit (NES), Ahmed said removal of fuel subsidy is part of the Federal Government’s medium-term plan in the budget, having proposed to spend N3.3 trillion on fuel subsidy between January and June 2023.

She, however, said that the challenge is how to go about removing the subsidy which gulped N2.565 trillion between January and August 2022, and is putting enormous pressure on the “fiscals”, in addition to budget deficit.

Also speaking, the Minister of State for Budget and National Planning, Mr Clem Agba, said that the National Development Plan (NDP), put together by the Federal Government, will help boost the economy, as it is designed to encourage improved private-sector participation.