Operators in the downstream oil and gas industry claim that in the past 30 days, the removal of fuel subsidies has generated N400 billion for the federal government.
The Independent Petroleum Marketers Association of Nigeria’s National President, Chinedu Okonkwo, revealed this in an interview with the Daily Post on Friday.
Recall that Mele Kyari, the Group Chief Executive Officer of Nigerian National Petroleum Corporation Limited, NNPCL, claimed that the nation spends N400 billion per month on fuel subsidies during a meeting with oil and gas operators in February.
Okonkwo said that the deregulation has a long-term impact when discussing the state of the sector as a result of the removal of the subsidy and changes in the country’s foreign exchange market.
He claims that the progression
