Oil marketers reported on Thursday that the government of Nigeria has saved over N400 billion since May 31, 2023, when the subsidy on Premium Motor Spirit, also known as gasoline, was eliminated.
The Central Bank of Nigeria combined the country's currency rates into a window for investors and exporters on June 14, 2023, allowing market forces to determine the exchange rate.
Administrators in the downstream oil area let our reporter on Tuesday know that Nigeria had now saved many billions since finishing the sponsorship system in May, in light of the disclosure of the Nigerian Public Petrol Organization Restricted in regards to the sum being spent already on appropriations consistently.
Chinedu Okonkwo, the National President of the Independent Petroleum Marketers Association of Nigeria, stated in an interview with the Punch Newspaper, a Nigerian news agency, that the elimination of fuel subsidies has been beneficial in the context in which it was intended to be implemented.
He stated:
“Right now they (the government) are making money. At least with this removal of subsidy, the government has racked in hundreds of billions, whether in naira or dollars. This is because every month we know how much they lose before.”
Alluding to proclamations made by the organization's Gathering CEO, Mele Kyari, during a gathering with oil area administrators in February, the assertion guaranteed that advertisers had been educated regarding how much cash the NNPCL spent on sponsorships consistently.
Kyari had stated, during the meeting,
“Today, by law and the provisions of the Appropriation Act, there is a subsidy on the supply of petroleum products, particularly PMS imports into our country. In current data terms, three days ago, the landing cost was around N315/liter,” Okonkwo stated.
 by removing fuel subsidies (Details)){kind=link}