Zainab Ahmed, the Minister for Finance, Budget and National
Planning, has said under-recovery of Premium Motor Spirit (PMS), popularly
referred to as fuel subsidy will gulp N450 billion in 2020.
She stated this at the public presentation of the 2020
budget proposals in Abuja on Monday, October 14th saying, “we have a provision
for under-recovery of PMS in the sum of N450 billion. If you look at the Budget
office website, it is in the fiscal framework, which is an annexure to the budget.”
President Buhari had on Tuesday presented a budget proposal
of N10.33 trillion to a joint session of the National Assembly, putting the
government’s estimated revenue in 2020 at N8.155 trillion, comprising oil
revenue of N2.64 trillion, non-oil tax revenues of N1.81 trillion and other
revenue of N3.7 trillion.
She explained further: “Some reforms will be tough but they
must be done to look at the facts and be frank to ourselves. However, we will
engage the public sector in whatever we do, including any changes in taxes with
regards to rates or administration methods.”
