Nigeria To Gain $7.5bn Annually From Fuel Subsidy Removal
Sunday Dare, special adviser to the President on media and communications, has revealed that Nigeria stands to gain $7.5 billion annually from the removal of fuel subsidies.
In his “Tinubu Reforms Tracker” released on Tuesday, Dare said the tracker will regularly examine the impact of Tinubu’s reforms in 13 selected sectors and the progress made in terms of initial impact revealed.
“Each ongoing initiative will be examined by their potentials/ results in the immediate, short term, midterm, and their long term gains.”
The areas covered are: oil sector reforms, manufacturing sector reforms, the CNG initiatives, credit corp, education loans, youth sector reforms amongst others.
He noted that President Tinubu is committed to delivering on these reforms for the benefit of Nigerians, revealing that the reforms will unlock $2.5 billion in oil and gas investments.
He also noted the introduction of two pricing tiers for petroleum products, one by trucks and the other by sea.
Dare said, “Positive notes from President Bola Tinubu’s oil and gas sector reforms, as Nigeria is expected to spend $7.5 billion previously on oil subsidy.”
On Presidential Executive Orders signed by the President, Dare said the initiative will “immediately unlock $2.5 billion in new oil and gas investments.”
The President had, on his assumption of office on May 29, 2023, announced the removal of fuel subsidy.
The policy had been heavily criticized for the high rate of inflation in Nigeria.
