N985bn to be saved from fuel subsidy removal

ayodele johnson

January 22, 2016 5:06 AM

Nigeria relies mainly on fuel importation from outside the country

Vice-President, Yemi Osinbajo

The Vice-President of Nigeria, Prof. Yemi Osinbajo is country’s representative at the World Economic Forum being held in Davos, Switzerland.

Speaking at a panel discussion at the forum, he said, “Lower oil prices also mean there is some advantage”.

The decline “means that we are not paying any subsidies, which frees up something in the order of about $5bn (about N985bn),” Bloomberg quoted him as saying.

“We think with adequate governance around budget management and around expenditure management, we can do quite a bit. If we are able to do those things, we might be able to come away with under $30 a barrel oil,” he also explained."

READ: Vice President attends World Economic Forum in Switzerland

Nigeria relies mainly on fuel importation from outside the country.

Although it is the leading producer of oil in Africa, the citizens still suffer a huge burden of having to buy fuel at a cost not worthy of an oil exporting country.

ayodele johnson