Minister for Finance, Budget and National Planning, Mrs. Zainab Ahmed, says 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.
Ahmed said, “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.”
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.”