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Friday, June 14, 2024

Larger deficit looms with N1.6trillion electricity subsidy

The federal government’s budget deficit is poised to expand, with the electricity subsidy expected to reach 6 trillion, more than doubling this year after the recent suspension of tariff hikes for consumers.

This development raises concerns about the fiscal outlook for the current year.Analysts pointed out that the flaw in that strategy lies not only in its impracticality but also in the potential to initiate yet another costly subsidy.

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