FG has saved $15.4b after fuel subsidy removal - Minister says

chika ebuzor 07:04 - 30 November 2016

Nigeria's Oil Minister and OPEC president Emmanuel Ibe Kachikwu listens to a news conference after a meeting of OPEC oil ministers in Vienna, Austria, December 4, 2015. REUTERS/Heinz-Peter Bader

Kachikwu said this while meeting with the House committee on Petroleum at the ministry of petroleum in Abuja.

The Minister of state for petroleum, Ibe Kachikwu has revealed that the Federal Government saved $15.4b as a result of removing fuel subsidy.

The minister also thanked members of the House of Reps for supporting the price modulation template when it was introduced.

According to Punch, Kachikwu said this while meeting with the House committee on Petroleum at the ministry of petroleum in Abuja.

He also listed the achievements of the ministry of petroleum since he came on board.

The minister said the Port Harcourt, Warri and Kaduna refineries have been partially restored.

Kachikwu also revealed that “Nigeria was able to sign Memoranda of Understandings worth about $80bn during his recent trips to China and India,” Punch reports.

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In his remarks, the Chairman of the committee, Joseph Akinlaja, said Nigerians are interested to know what is happening in the ministry of petroleum.

Akinlaja also described the oil industry as the life blood of the Nigerian economy.

Kachikwu also said that the removal of the subsidy has improved the availability of fuel and stopped the previously frequent shortages of the product.