According to Minister of State for Petroleum Resources, Dr Ibe Kachikwu, Nigeria has
saved N1.4 trillion since removing the subsidy on petrol.
Kachikwu said that the removal of the subsidy has improved the availability of fuel and stopped the previously frequent shortages of the product.
The minister made the comments on Thursday, August 18, 2016, while speaking at the National Association of Energy Correspondents’ conference in Lagos.
“For the first time in 30 years, we have been able to deal with the pricing issue of petrol. We work with all stakeholders and we have been able to save N1.4 trillion,” Kachikwu said according to The Tribune.
“More importantly is for us to achieve self-sufficiency and ensure that queues disappear from our filling stations,” he added.
The fuel subsidy was removed on Wednesday, May 11, and resulted in an increase in the pump price of the product from N86 to N145.