The Federal Government says N3.36tn has been allocated for fuel subsidy in 2023 as Nigeria’s debt profile hits $102bn.

The Minister of Finance, Zainab Ahmed, who made this known on Wednesday in Abuja, also said the 2023 budget proposal has a budget deficit of 10.78 trillion naira.

She said this will be funded through domestic and multilateral borrowings and proceeds from privatization.

According to her, of Nigeria’s $102bn debt, 35% is foreign and 65% is domestic, adding that the current public debt is at 23% of the country’s gross domestic product.

The minister also said the 2023 budget also factored in 17.16% inflation.

According to her, the draft 2023 budget has been prepared on the background of international challenges such as the Russia-Ukraine war and COVID-19 pandemic, adding that revenue generation has been a major challenge to national development in the country.