Nigerian govt says petrol import crashed by 990m litres monthly following subsidy removal

Minister of Information and National Orientation, Mohammed Idris, has lauded the removal of petrol subsidy by President Bola Tinubu, saying the singular act has reduced the importation of the product into the country by 50 per cent.

Though the removal of the subsidy by Tinubu during his inaugural speech on May 29, 2023, where he declared that “fuel subsidy is gone” has brought untold hardship and hunger on Nigerians, with petrol pump price jumping to over N600, Idris, while speaking at the third edition of the ministerial press briefing series in Abuja on Wednesday, said fuel importation crashed by 990 million litres monthly as a result of the subsidy removal.

“Petrol importation has been reduced by 50 per cent since the withdrawal of the fuel subsidy,” the information minister stated.

“What this means is that PMS importation has dropped by about 990 million litres in one month.

“It is also encouraging to state that oil production has risen from 1.22 million barrels per day in the second quarter of 2023 to 1.55 million barrels per day in the fourth quarter of 2023.

“The Nigerian Stock Exchange All Share Index crossed the 100,000 mark – its highest ever, mainly due to the pragmatic reforms initiated by the President, which inspired investor confidence in the Nigerian economy,” Idris emphasized.

The Minister added that Nigeria had begun to reap the benefits of the reforms being spearheaded by President Bola Tinubu.

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