The Federal Government of Nigeria has saved about N400 billion Naira as a result of the removal of subsidy on Petroleum also called petrol, since 31st of May, 2023, when the initiative was officially implemented,
The National President, Independent Petroleum Marketers Association of Nigeria, Chinedu Okonkwo, stated that the government has made alot of positive progress regarding saving “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 dollar. This is because every month we know hoW much they lose before,” he said.
The oil dealers stated that there was a high possibility for the cost of petrol to rise in July, going by the recent floating of the naira against the United States dollar by the Federal Government. Also the Central Bank of Nigeria unified the country’s exchange rates into the Investors and Exporters window on June 14, 2023, allowing market forces to determine the exchange rate.
