July 14, 2024
Suit 25, Mangal Plaza, Nouakchott Street, Wuse Zone 1, Abuja- Nigeria.
OIL & GAS

Fuel Subsidy Removal: Nigeria’s Importation Falls by 50%

The importation of petrol by the Nigerian government has dropped by fifty percent following the removal of subsidy, the National Bureau of Statistics (NBS) revealed.

This revelation was made by the Minister of Information and National Orientation, Mohammed Idris. He made the revelation on Friday, while speaking on what the Federal government has achieved so far within nine months.

The minister said that the fuel subsidy removal is one of the two policies that stood out in President Tinubu’s inaugural speech on May 29, 2023. The other policy been that he would channel the  savings gotten from the removal into much-needed investments in public infrastructure, education, healthcare, social investment and prosperity for Nigerian citizens.

“Since the removal of the petrol subsidy, petrol importation has dropped by fifty percent, amounting to one billion liters monthly, according to data released by the National Bureau of Statistics,” the minister said.

Idris also anounced that crude oil production is rising steadily, increasing to an average of 1.55 million barrels per day in Quarter four of the year 2023.

He added that crude oil production actually increased from 1.22 million barrels per day which was recorded in the preceding quarter.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.