FG saves N18.3bn in six weeks from removal

The Federal Government of Nigeria have grown its savings as a result of the removal of subsidy on both petrol and kerosene which has been a major expense to the country in the past.

Between January 1 and February 12 this year,the government made over N18.3bn as savings from the removal of subsidy on Premium Motor Spirit and House Hold Kerosene.

The government officially stopped subsidy on PMS, popularly known as petrol, on January 1, 2016, while on January 23 this year, it also ended the subsidy regime on kerosene, according to the pricing templates for both commodities obtained from the Petroleum Products Pricing Regulatory Agency.

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The PPPRA is responsible for the regulation of the prices of products such as PMS and HHK, as well as other refined petroleum products across the country.

Accord to Punch, an analysis of the various updated templates so far released by the agency after they were revised showed that the Federal Government had raked in over N18.3bn in six weeks.

The Nigerian National Petroleum Corporation confirmed that about 40 million litres of petrol are being consumed daily in the country.

The amount spent in the importation of this kind of quantity will be detrimental in the current economic condition for a country who does not have multiple means of income.

At the moment, the price of Petrol at NNPC fillings stations is N86 per litre.