Nigeria: Daily Fuel Consumption Drops From 66M To 40M

The daily fuel consumption in the Federal Republic of Nigeria has dropped from 65 million to 40 million barely two weeks after the West African nation’s new President Bola Ahmed Tinubu announced the removal of fuel subsidies.

The Governor of Abia State, Alex Otti, according to Vanguard, disclosed this after the inauguration of the National Economic Council (NEC) on Thursday, chaired by Vice President Kashim Shettima at the Council Chamber, Presidential Villa, Abuja.

The government deliberated and looked at all the issues on subsidy removal, the challenges and problems holistically and set up a small committee of the council to review and come up with a term of reference that will help to alleviate the problem of workers and other vulnerable groups,’’ Bala Mohammed, the governor of Bauchi State told journalists after the meeting.

According to him, the committee is composed of Governors of Kebbi state, as Chairman, Anambra representing the South East geopolitical zone. Benue North Central, Kaduna Northwest, Bauchi, representing the northeast, Cross River, South-South and Oyo state South west.

“As part of the inaugural national economic council meeting today, the major focus was on the removal of petroleum subsidy and implied the removal of subsidy on foreign exchange, which has led to some convergence of some sort.

“The impact of these two actions definitely is increased prices. And as a way to solve the problem and reduce the shock, a presentation was made by the National Automotive Design and Development Council on the great things that are happening in the automotive industry.

“It was that about six states in the country, including Lagos, Ogun, Anambra, Enugu, Akwa Ibom, Kaduna and Kano that have benefited from domestic production of vehicles or assembling of vehicles by Nigerian companies operating in Nigeria. And these companies include INNOSON, Maikano, Dangote Peugeot, Peugeot Automobile of Nigeria, Stallion Hyundai, Honda, Elizade/Toyota, Coscharis and Ford, Kojo Motors, Jet Systems motors.”

While he said Tinubu’s administration should be commended for its efforts to remove subsidy and still help create palliatives, Otti disclosed that the consumption of fuel has reduced in the country.

Source: https://energynewsafrica.com