Fuel Subsidy Removal Saves FG $15.4bn – Ibe Kachikwu

Nigeria has saved $15.4bn as a result of the elimination of subsidy on petroleum products since May this year, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said. Kachikwu disclosed this while hosting members of the House of Representatives Committee on Petroleum (Downstream) at the ministry’s headquarters in Abuja on Tuesday. Kachikwu,…”
Tolu
November 30, 2016 3:08 pm

Nigeria has saved $15.4bn as a result of the elimination of subsidy on petroleum products since May this year, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said.

Kachikwu disclosed this while hosting members of the House of Representatives Committee on Petroleum (Downstream) at the ministry’s headquarters in Abuja on Tuesday.

Kachikwu, who was represented by the ministry’s Permanent Secretary, Dr. Jemila Su’ara, also thanked the National Assembly for supporting the ministry and its agencies when the price modulation template was introduced in May.

In a statement issued by the ministry’s Director of Press and Public Relations, Mr. Idang Alibi, the minister stated that the price modulation had eliminated subsidies and liberalised the downstream sector of the oil and gas industry.

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