Fuel Consumption Declines 30% – NNPC GMD

The nation’s fuel consumption has seen a substantial decline of 30% since the removal of petrol subsidy by President Bola Tinubu.

This significant revelation was made by Mr. Mele Kyari, the Group Managing Director (GMD) of the Nigerian National Petroleum Company Limited (NNPCL), during a media briefing led by the Minister of Finance and Co-ordinating Minister of the Economy, Mr. Wale Edun, in Abuja.

Mr. Kyari pointed out that the reduction in fuel demand has been substantial, dropping from approximately 66.7 million liters daily before the subsidy removal to about 46 million liters currently.

This reduction equates to a 30% decrease in the NNPCL’s demand for foreign exchange to facilitate fuel imports, representing a notable cost-saving measure.

The GMD also conveyed optimistic news regarding the country’s oil production. He revealed that oil production has surged to 1.6 million barrels per day by Wednesday, a stark improvement from a few months ago when production languished at less than 1 million barrels. This upswing in oil production aligns with the government’s efforts to bolster the nation’s oil sector and enhance economic stability.

In an earlier statement, Mr. Wale Edun, the Minister of Finance, underscored the administration’s focus on mobilizing funds held by Nigerians in domiciliary accounts within the country and abroad. He emphasized that Nigerians possess substantial financial resources that, when channeled into the Nigerian economy, could fuel economic rejuvenation across various sectors.

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Mr. Edun highlighted the significant amount of funds held by Nigerians both domestically and abroad, emphasizing the potential for these resources to catalyze economic growth and investment within Nigeria. The government is actively working to create an attractive investment environment to encourage the deployment of these funds for the benefit of the country’s economy.

The removal of the petrol subsidy by President Tinubu and the subsequent decrease in fuel consumption, coupled with the surge in oil production and efforts to mobilize domestic and foreign funds, reflect key strategies aimed at fostering economic stability and development in Nigeria.