President Goodluck Jonathan has presented the proposed 2012 budget that excludes allocations for fuel subsidy to the joint session of the National Assembly in a brief presentation ceremony on Tuesday afternoon. 

Jonathan described the proposed budget as "a stepping-stone to the transformation of our economy and country in our walk to economic freedom".

The proposed 2012 budget stands at N4.749 Trillion, six percent higher than the 2011 N4.48 trillion budget.

Although he avoided mentioning the planned fuel subsidy removal, insights into the budget indicate that Jonathan has overruled the House of Representatives’ objection to the subsidy removal.

There was no allocation in the budget for fuel subsidies, indicating that subsidies paid by the FG on petrol will end with 2011.