ABUJA (Reuters) - Nigeria will likely spend 5.4 trillion naira ($3.72 billion) this year to keep petrol prices fixed at current rates, and will need an extra 6.6 trillion naira in a supplementary budget, a draft document seen by Reuters showed on Thursday.
The 'Accelerated Stabilisation and Advancement Plan' (ASAP), drafted by the finance ministry with private sector executives and some economists, aims to address challenges affecting reforms aimed at boosting growth.
"At current rates, expenditure on fuel subsidy is projected to reach 5.4 trillion naira by the end of 2024. This compares unfavourably with 3.6 trillion naira in 2023 and 2.0 trillion naira in 2022," the draft showed.
Presidential aide Bayo Onanuga on Thursday said that President Bola Tinubu on Tuesday received the draft, which is still a proposal containing suggestions on how to improve the Nigerian economy.
(Reporting by Isaac Anyaogu; Additional reporting by Felix Onuah; Writing by Chijioke Ohuocha; Editing by MacDonald Dzirutwe and Tomasz Janowski)
