Subsidy Removal: N2bn has been distributed so far to states – Wale Edun
Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun, has disclosed that N2 billion has so far been released to each state government from the N5 billion earmarked for palliative in light of the removal of fuel subsidy.
Edun revealed this at a meeting on Friday, September 1, which was attended by key government officials including the Minister of Budget, Mr Abubakar Bagudu; Group Managing Director (GMD) of the Nigerian National Petroleum Company (NNPC) Limited, Mr Mele Kyari, Director General of the Budget Office, Mrs Patience Oniha; the Senior Assistant to the President on Tax Reforms, Mr Zacch Adedeji; and the Chairman of the Presidential Tax Reform Committee, Mr Taiwo Oyedele.
Edun said the partial release of the funds is to curb inflation.
Petrol consumption falls by 30% – NNPC GMD, Mele Kyari
The Group Managing Director (GMD) of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Mele Kyari, has disclosed that petrol consumption has declined by 30 percent following the removal of petrol subsidy by President Bola Tinubu.
Speaking at a media briefing by the Minister of Finance and Co-ordinating Minister of the Economy, Mr. Wale Edun, in Abuja this afternoon, Kyari said the reduction in fuel demand from about 66.7 million litres daily before the removal of subsidy to about 46 million currently also meant a 30 percent reduction in NNPCL’s demand for foreign exchange to import fuel.
He also revealed that oil production ramped up to 1.6 million barrels by Wednesday, August 30, from a very poor position of less than 1 million some months ago.