Mohammed Idris, the Minister of Information and National Orientation, has said that despite that the fuel subsidy removal by President Bola Ahmed Tinubu has created economic turbulence, the president’s reforms will yield the desired results while asking Nigerians to be patient, saying in no time they will begin to reap the benefits of the reforms the government has introduced.
The minister spoke in Kano during Ramadan Iftar with media executives and practitioners as well as other stakeholders in the media and communication sector.
Mohammed said fuel subsidy removal at the heart of President Bola Tinubu’s economic reforms is yielding results with fuel consumption in the country reduced by 2 billion litres daily, representing 53 per cent, adding that the Port Harcourt refinery is already test running and would soon begin production, noting that the nation’s internal refining capacity is on course with the Dangote refinery coming, adding that Nigeria will no longer be importing refined fuel.
The minister also said with the new oil and gas policy in place; the country could generate a billion cubic feet per day, create 2.3 million jobs and attract up to 10 billion investments in the oil and gas sector.
“Nigeria’s oil production has risen from 1.22 mbpd in Q2 2023 to 1.6mbpd in Q1 2024 post-oil subsidy removal.
“President Tinubu approved the establishment of an infrastructure support fund for states to invest in critical areas that will create an enabling environment for businesses, 100 billion naira CNG bus rollout program to deliver CNG-powered buses and automobile conversion toolkit”, the minister said.
