Fuel Subsidy Removal Saves Nigeria $7.5bn Annually – FG

The presidency has revealed that an impressive $7.5 billion is being saved annually from funds previously allocated to fuel subsidy following its removal.

Sunday Dare, the Special Adviser on Media and Public Communications to President Tinubu, shared this on Sunday in a bulletin detailing some of the president’s achievements in the oil sector.

Dare highlighted key milestones, including five new executive orders signed by the president expected to unlock $2.5 billion in oil and gas investments.

Another point on the list was the introduction of two pricing tiers for petroleum products — one by trucks and the other by sea.

“Positive notes from President Bola Tinubu’s oil and gas sector reforms.

“Saved Nigeria $7.5 billion previously spent on oil subsidy.

“Five new Presidential Executive Orders to immediately unlock $2.5 billion immediately in new oil and gas investments.

“New two pricing tires for those transporting via the shop and those transporting via trucks,” the report shows in part.