The withdrawal of fuel subsidies, announced by President Bola Tinubu on May 29, 2023, has cut Nigerians’ daily use of petrol from 66 million to 40 million.
According to Vanguard, this information was made public by the governor of Abia State, Alex Otti, following the National Economic Council’s inaugural meeting on Thursday at the Presidential Villa in Abuja, which was presided over by Vice President Kashim Shettima.
In an earlier speech to the NEC, Tinubu said that he would welcome cooperation in government to address the economy and enhance the welfare of Nigerians, while also emphasizing that he would not serve as an excuse for failure.
After the meeting, Otti remarked, “As part of the inaugural national economic council meeting today, the principal focus was on the elimination of fuel subsidy and indicated the removal of subsidy on foreign exchange, which has led to some convergence of some form.
“These two moves will undoubtedly result in higher prices. The National Automotive Design and Development Council gave a presentation on the wonderful things that are happening in the car sector as a strategy to address the issue and lessen the shock.
“It was reported that six states in the country – Lagos, Ogun, Anambra, Enugu, Akwa Ibom, Kaduna, and Kano had profited from domestic vehicle production by Nigerian businesses doing business there. Innoson, Maikano, Dangote Peugeot, Peugeot Automobile of Nigeria, Stallion Hyundai, Honda, Elizade/Toyota, Coscharis and Ford, Kojo Motors, and Jet Systems Motors are a few of these businesses.
Otti revealed that the nation’s petrol usage has decreased while praising Tinubu’s administration for its efforts to stop subsidies and yet contribute to the development of painkillers.
“However, we must commend the current administration for having the guts to remove it. At first, it had decreased the daily usage from approximately 66,67 million liters to just about 40 million. And as time goes on, the consumption will continue to go down.
“We are aware that there are consequences, especially for the lowest of the poor. And for that reason, the government is seriously considering palliatives to at least lessen the shock that the underprivileged in our society experience,” according to Otti.
