The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said that Nigeria has saved $15.4bn as a result of the elimination of subsidy on petroleum products since May this year, The Punch reports.
Kachikwu disclosed this while hosting members of the House of Representatives Committee on Petroleum (Downstream) at the ministry’s headquarters in Abuja on Tuesday.
The lawmakers were at the ministry as part of their oversight functions. In a statement issued by the ministry’s Director of Press and Public Relations, Mr. Idang Alibi, the minister stated that the price modulation had eliminated subsidies and liberalised the downstream sector of the oil and gas industry.
He also said under him, Nigeria was able to sign MoUs worth about $80bn during his recent trips to China and India; partially resuscitate the Port Harcourt, Warri and Kaduna refineries; repair products’ pipelines; and resuscitate supply of products from Atlas Cove-Mosimi-Ibadan-Ilorin after a six-year lull.
Other achievements include improved crude oil supply to the Warri and Kaduna refineries and savings of $15.4bn for the Federal Government as a result of the elimination of subsidy payments for petroleum products.