Advocate.ng Latest news update on politics, entertainment, sport and more
Nigeria’s energy sector, the Federal Government has announced that petrol importation into the country has been reduced by 50 percent since the removal of the fuel subsidy.
Minister of Information and National Orientation, Mohammed Idris, shared this news at the third edition of the ministerial press briefing series in Abuja on Wednesday.
The reduction in petrol importation is attributed to the recent decision by President Bola Tinubu’s administration to remove the subsidy on petrol.
This bold move has not only led to a substantial decrease in the importation of the product but has also had a positive impact on the nation’s economy.
According to Idris, the Nigerian Bureau of Statistics (NBS) has reported a 66 percent increase in capital importation in this quarter compared to the 36 percent rise in the last quarter before the subsidy withdrawal.
Additionally, local oil production has increased from 1.22 million barrels per day (bpd) in Q2 of 2023 to about 1.55 million in Q4 of 2023.
Furthermore, domestic refining capacity, as reported by the NBS, has also increased by about 8 percent.
These figures demonstrate the positive effects of the subsidy removal on Nigeria’s energy sector and overall economic growth.
During his speech at the 7th Nigeria International Energy Summit (NIES) in Abuja on Tuesday, President Tinubu acknowledged that the subsidy removal policy was a challenging but necessary decision to secure the country’s energy future.
He emphasized that the subsidy strained the country’s resources over the years and hindered investments in critical infrastructure.
As Nigeria continues to make strides in its energy sector, the reduction in petrol importation and the subsequent increase in domestic refining capacity will undoubtedly contribute to the nation’s economic growth and development.
Subscribe to the Advocate News letter and receive news updates daily in your inbox.
