Mohammed Idris, Nigeria’s Minister of Information and National Orientation, announced on Wednesday a significant 50% decline in petrol imports following the removal of fuel subsidies.
Idris made this statement during the third installment of the ministerial press briefing series, which took place in Abuja and featured the Coordinating Minister for Health and Social Welfare addressing journalists.
The inception of the briefing series aimed to create a space for public officials to showcase their successes and educate Nigerians about the intricacies of governance.
Idris pointed out that Nigeria is now experiencing the positive impacts of the reforms led by President Bola Tinubu.
He mentioned that Nigeria’s gross domestic product expanded by 3.46% in the fourth quarter of 2023, compared to the 2.54% growth recorded in the preceding third quarter of the same year. He also said capital importation rose to 66 per cent in the fourth quarter of 2023, reversing a 36 per cent decline in the third quarter.
“Petrol importation has been reduced by 50 per cent since the withdrawal of the fuel subsidy. The Nigerian Stock Exchange All Share Index crossed the 100,000 mark – its highest ever, mainly due to the pragmatic reforms initiated by the President, which inspired investor confidence in the Nigerian economy.
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“It is also encouraging to state that oil production has risen from 1.22 million barrels per day in the second quarter of 2023 to 1.55 million barrels per day in the fourth quarter of 2023.”
President Bola Tinubu announced the removal of petrol subsidy during his inaugural address on May 29, 2023, saying, “Subsidy is gone.” Idris notes that President Tinubu has also given a directive for the design of a Social Security Unemployment Programme to cater for unemployed graduates.
“This is in addition to setting up a Social Consumer Credit Scheme to boost the purchasing power of Nigerians, as they make adjustments in view of the temporary economic hardship.
He mentioned that as the government restructured the National Social Investment Programme, the resumption of direct payments of N25,000 to 15 million households would occur immediately.
He also stated that the government was equally addressing insecurity vigorously and that more success stories were being reported daily. He expressed confidence that the war against insecurity was being won.