Nigerians are consuming less petrol, thanks to the removal of subsidy on petrol, the Nigerian National Petroleum Company Limited, NNPCL, disclosed on Friday.
The Group Managing Director of NNPCL, Mele Kyari, at a press briefing by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, in Abuja explained that there was a drop in fuel demand from 66.7 million litres daily before to about 46 million currently.
Kyari added that the drop also meant a 30 percent reduction in NNPCL’s demand for foreign exchange to import fuel.
“Oil production ramped up to 1.6 million barrels by Wednesday, August 30, from a very poor position of less than 1 million a few months ago”, he said.
Edun said President Tinubu’s administration was targeting Nigerians’ funds held in domiciliary accounts in the country and funds held abroad to rejuvenate the economy.
He said that Nigerians had huge funds at home and abroad which could be deployed to revive the economy and that his team was working to ensure the needed environment to attract such fund into the Nigerian economy for investment in various sectors.
Credible News reports that the removal of fuel subsidy at the swearing-in ceremony of the President led to inflation in the prices of goods and services which has put Nigerians in economic hardship resulting in citizens using different alternatives to petrol causing the significant drop in the consumption of the commodity.
