According to Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Company Limited, or NNPCL, the use of petrol has decreased by 30%.
At a news conference led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Friday in Abuja, Kyari stated that the decrease was caused by President Bola Tinubu’s elimination of the petrol subsidy.
According to him, the decrease in fuel consumption from 66.7 million litres per day before to approximately 46 million litres today also resulted in a 30% decrease in the amount of foreign currency that NNPCL needed to import fuel.
When it was at a very low point of fewer than 1 million barrels a few months ago, oil production increased to 1.6 million barrels by Wednesday, August 30.
Additionally, Wale Edun, the finance minister, previously declared that the administration of President Tinubu was focusing on Nigerians’ wealth stored in domestic accounts in Nigeria and funds held overseas to revive the economy.
