November 30, 2016

Kachikwu Says Fuel Subsidy Stoppage Has Saved $15.4bn

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.

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

The lawmakers were at the ministry as part of their oversight functions.

Kachikwu, who was represented by the 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.

Outlining the achievements recorded under his stewardship, Kachikwu said Nigeria was able to sign Memoranda of Understandings worth about $80bn during his recent trips to China and India; partial resuscitation of the Port Harcourt, Warri and Kaduna refineries; repair of products’ pipelines; and the resuscitation of supply of products from Atlas Cove-Mosimi-Ibadan-Ilorin after a six-year lull.

Others, according to an official statement, include improved crude oil supply to Warri and Kaduna refineries and savings of $15.4bn for the Federal Government as a result of the elimination of subsidy payments for petroleum products.

18 comments:

Jekwu said...

Olu, are you there?
So why the noise about borrowing? $15.4b plus returned looted funds equals to $30b plus. Why borrowing I ask again.

Iliyasu sulaiman sani said...

that's very good

Uyi Osamwonyi said...

Save fire, na hunger full everywhere.. Mitcheeeeeew

#GodSaveUsAll

Afoke Maleke said...

Commendable Achievements ...this is the result u get,when u put round Pegs in Round Holes...

ope alliu said...

It helped but I heard there is going to be an increase again

'Remi Abioye said...

The savings translate to N4.855 Trillion (using today's official exchange rate of N315.25/$1.00!!!). This is about half of this year's budget! What has the Government done to ease the sufferings people are made to pass through as a result of the removal, resultant increase in prices and general inflation effect? Where are the promises made regarding the aftermath of the removal. We are yet to see any and are waiting to experience such positive impact of this Government and its policies.

Harbolarkale Niyi said...

Good for PMB

Austine Gabriel said...

nice

Chioma Ujo said...

It's alright though we still want to see visible improvements not just mere talks.

Hassan Aderemi said...

Interesting, we hope FG can use part of the saving from subsidy to cushion the effect of the recession in the country.

Ben Ibeh said...

Where is d money going to?

Anonymous said...

storyyyy

Ay360 said...

Ok dats good

olisayemk said...

So where is the money safe from subsidy and all the looted money that has been recovered. Despite this nigeria is still borrowing money to fund it's project.

Rosemary Ezeji said...

All lies

Dantob said...

so where is the money?

Anslem Caesar said...

Then why think of borrowing? What have they done with it? Where is the money?

Iyke said...

.......and the $15.4B as translated into wetin?
Still no electric power to be productive.