Fuel subsidy removal: FG don save N400bn in four weeks – Operators
Operators within di downstream oil and gas sector yarn say di FG, federal government don save N400bn due to fuel subsidy removal in di ast 30 days.
On Friday, Chinedu Okonkwo, National President of di Independent Petroleum Marketers Association of Nigeria, reveal dis tori inside interview.
Remember say inside meeting with oil and gas operators for February, Mele Kyari, di Group Chief Executive Officer of Nigerian National Petroleum Corporation Limited, NNPCL, bin tok say di kontri spend N400 billion monthly on fuel subsidies.
Speaking on di state of di sector owing to di removal of subsidy and changes for di Kontri foreign exchange market, Okonkwo yarn say di deregulation get long time impact.
FOR MORE NEWS: Call-a-Ton”: Nigerian Man and Oyinbo wife shatter Guinness World Record
According to am, di development go either lead to an increase in fuel price or a decrease depending on di market-determined price of forex.
In addition, he yarn say di impact on the masses go gradually decrease by introducing Compressed Natural Gas, CNG, into di sector.
Also, hin tok say di money wey di government dey spend monthly on fuel subsidies payment, dat expenditure to di tune of dollars or Naira go dey saved.
Hin tok say di government don reduce spending on fuel subsidies, though di thing dey bite, so dem don get alternative in Compressed Natural Gas, CNG.
You fit go read di tori see as FG don save N400bn…READ MORE
