Subsidy removal: FG saves N400bn in four weeks. - Punch news online

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Subsidy removal: FG saves N400bn in four weeks. - Punch news online



The Federal Government has so far saved about N400bn as a result of the removal of subsidy on Premium Motor Spirit, popularly called petrol, since May 31, 2023, when the initiative was officially implemented, oil marketers stated on Thursday.

Also, the oil dealers stated that there was a high possibility for the cost of petrol to rise in July, going by the recent floating of the naira against the United States dollar by the Federal Government.

The Central Bank of Nigeria unified the country’s exchange rates into the Investors and Exporters window on June 14, 2023, allowing market forces to determine the exchange rate.

Operators in the downstream oil sector told our correspondent on Tuesday that going by the revelation of the Nigerian National Petroleum Company Limted as regards the amount being spent previously on subsidy every month, Nigeria had now saved hundreds of billions after halting the subsidy regime in May.


“Right now they (the government) are making money. At least with this removal of subsidy, the government has racked in hundreds of billions, whether in naira or dollar. This is because every month we know how much they lose before,” the National President, Independent Petroleum Marketers Association of Nigeria, Chinedu Okonkwo, stated.

Okonkwo told our correspondent that marketers had been told how much the NNPCL was spending on subsidy monthly, referring to the comments of the firm’s Group Chief Executive Officer, Mele Kyari, during a meeting with oil sector operators in February.

At the meeting, Kyari had said, “Today, by law and the provisions of the Appropriation Act, there is a subsidy on the supply of petroleum products, particularly PMS imports into our country. In current data terms, three days ago, the landing cost was around N315/litre.

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