Susidy Gets N888bn in 2012 Budget

Finance Minister Ngozi Okonjo-Iweala, announced at a news conference in Abuja, a reduction of the 2012 budget to N4.648 trillion from the initial estimates put at N4.749 trillion. The minister said after extensive consultations, the amount required for petrol subsidy was estimated at N656.3 billion, and there was a carryover of N231.8 billion for 2011.(view full text)

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