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The Group Managing Director of the Nigerian National Petroleum Company Limited, NNPCL, Mele Kyari, has claimed that the consumption of petrol has reduced by 30 per cent.
Kyari stated during a news conference held by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, in Abuja on Friday that the reduction is due to President Bola Tinubu's abolition of the petrol subsidy.
He explained that the decrease in gasoline consumption from 66.7 million litres per day previously to around 46 million today indicated a 30% decrease in NNPCL's requirement 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,” Kyari was quoted by Daily Post.
Furthermore, Wale Edun, the Finance Minister, has indicated that President Tinubu's administration was targeting Nigerians' cash stored in domiciliary accounts in the country as well as funds held overseas in order to revitalise the economy.
Kyari stated during a news conference held by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, in Abuja on Friday that the reduction is due to President Bola Tinubu's abolition of the petrol subsidy.
He explained that the decrease in gasoline consumption from 66.7 million litres per day previously to around 46 million today indicated a 30% decrease in NNPCL's requirement 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.
Furthermore, Wale Edun, the Finance Minister, has indicated that President Tinubu's administration was targeting Nigerians' cash stored in domiciliary accounts in the country as well as funds held overseas in order to revitalise the economy.