After President Bola Tinubu eliminated the petrol subsidy, the nation’s fuel usage fell by 30%.
At the media briefing given by the Minister of Finance and Co-ordinating Minister of the Economy, Mr. Wale Edun, in Abuja this afternoon, the Group Managing Director (GMD) of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Mele Kyari, made this announcement.
According to Mr. Kyari, the decrease in fuel consumption from around 66.7 million litres per day before the elimination of subsidies to approximately 46 million litres per day at this time also represented a 30 percent decrease in the amount of foreign currency that NNPCL needed to import gasoline.
An overjoyed GMD also revealed that oil output has increased from a very precarious position of less than 1 million barrels some months ago to 1.6 million barrels by Wednesday.
Mr. Edun had already said that the Tinubu administration was after the money that Nigerians had in domestic and foreign accounts.
He claimed that Nigerians have enormous resources at home and abroad that could be used to revive the economy, and he said his team was working to create the conditions necessary to draw these resources into the Nigerian economy for investment in a variety of fields.
