Fuel Subsidy Removal: FG saves N400bn in four weeks – Operators
Operators within the downstream oil and gas sector have said the federal government has raked in N400 billion due to fuel subsidy removal in the last 30 days.
On Friday, Chinedu Okonkwo, National President of the Independent Petroleum Marketers Association of Nigeria, disclosed this in an interview with the Daily Post.
Recall that in a meeting with oil and gas operators in February, Mele Kyari, the Group Chief Executive Officer of Nigerian National Petroleum Corporation Limited, NNPCL, stated that the country spends N400 billion monthly on fuel subsidies.
Speaking on the state of the sector owing to the removal of the subsidy and changes in the country’s foreign exchange market, Okonkwo said that the deregulation has a long-term impact.
According to him, the development would either lead to an increase in fuel prices or a decrease, depending on the market-determined price of forex.
He added that the impact on the masses would gradually decrease by introducing Compressed Natural Gas, or CNG, into the sector.
“You know how much the government is spending monthly on fuel subsidy payments, but that expenditure to the tune of dollars or Naira will be saved.
“The government has indeed reduced spending on fuel subsidies, though the thing is biting, so we have drafted an alternative in Compressed Natural Gas, or CNG,” he said.
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EFCC denies recovering N400bn from Tinubu’s home
The All Progressives Congress' (APC) Bola Tinubu is a presidential candidate, and the Economic and Financial Crimes Commission (EFCC) has denied conducting a raid on his residence.Wilson Uwujaren, a spokesperson for the Commission, refuted the report in a statement on Sunday.The Commission warned Nigerians to ignore reports spreading on social media and labeled them as false information.It was made clear that the Commission did not raid Tinubu's home at any point in...
Breaking: Fuel Subsidy: FG announces N5bn palliatives for each state, FCT
To lessen the effects of the elimination of the gasoline subsidy, the Federal Government announced a N5 billion palliative to each state of the federation, including the Federal Capital Territory (FCT).This information was provided by Babagana Zulum, the governor of Borno State, during a discussion with State House reporters on Thursday in Abuja following the National Economic Council (NEC) meeting.Vice President Kashim Shettima presided over the NEC meeting on Thur...
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