Home Business Oil & Gas Petrol importation reduced by 50%, says FG

Petrol importation reduced by 50%, says FG

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The Minister of Information and National Orientation, Mallam Mohammed Idris, on Wednesday, said petrol importation in the country reduced by 50 per cent since the withdrawal of the fuel subsidy.

Idris said this at the third edition of the ministerial press briefing series, where the Coordinating Minister for Health and Social Welfare, Prof. Muhammad Ali Pate addressed journalists in Abuja.

The briefing series was initiated to provide a platform for public officials to reel out their achievements and apprise Nigerians of the challenges of governance.

Idris said Nigeria had begun to reap the benefits of the reforms being spearheaded by President Bola Tinubu.

He said Nigeria’s gross domestic product grew by 3.46 per cent in the fourth quarter of 2023, as against 2.54 per cent recorded in the third quarter of 2023.

He also said capital importation rose to 66 per cent in the fourth quarter of 2023, reversing a 36 per cent decline in the third quarter.

“Petrol importation has been reduced by 50 per cent since the withdrawal of the fuel subsidy. The Nigerian Stock Exchange All Share Index crossed the 100,000 mark – its highest ever, mainly due to the pragmatic reforms initiated by the President, which inspired investor confidence in the Nigerian economy.

“It is also encouraging to state that oil production has risen from 1.22 million barrels per day in the second quarter of 2023 to 1.55 million barrels per day in the fourth quarter of 2023.”

President Bola Tinubu announced the removal of petrol subsidy during his inaugural address on May 29, 2023, saying, “Subsidy is gone.”

Idris notes that President Tinubu has also given a directive for the design of a Social Security Unemployment Programme to cater for unemployed graduates.

“This is in addition to setting up a Social Consumer Credit Scheme to boost the purchasing power of Nigerians, as they make adjustments in view of the temporary economic hardship.

“As the government rejigs the National Social Investment Programme, the direct payments of N25,000 to 15 million households will resume immediately.

“The government is equally tackling insecurity headlong and more success stories are coming in on a daily basis. Without any doubt, we are winning the war against insecurity”, he said.

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