Okechukwu Nnodim, Abuja

Nigeria has saved $15.4bn as a result of the elimination of subsidy on petroleum products since May this year, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said.

Kachikwu disclosed this while hosting members of the House of Representatives Committee on Petroleum (Downstream) at the ministry’s headquarters in Abuja on Tuesday.

The lawmakers were at the ministry as part of their oversight functions.
In a statement issued by the ministry’s Director of Press and Public Relations, Mr. Idang Alibi, the minister stated that the price modulation had eliminated subsidies and liberalised the downstream sector of the oil and gas industry.

Outlining the achievements recorded under his stewardship, Kachikwu said Nigeria was able to sign Memoranda of Understandings worth about $80bn during his recent trips to China and India; partial resuscitation of the Port Harcourt, Warri and Kaduna refineries; repair of products’ pipelines; and the resuscitation of supply of products from Atlas Cove-Mosimi-Ibadan-Ilorin after a six-year lull.

Others, according to the statement, include improved crude oil supply to the Warri and Kaduna refineries and savings of $15.4bn for the Federal Government as a result of the elimination of subsidy payments for petroleum products.

In his response, the Chairman of the committee, Mr. Joseph Akinlaja, said the oil industry was the life blood of the Nigerian economy.

This, he said, was why the National Assembly and all Nigerians were interested in what was going on in the Ministry of Petroleum Resources and its parastatals and agencies.

Akinlaja said the committee members paid the visit in order to be properly briefed on the activities of the ministry in order to know what legislative support they could give for the achievement of its plans, programmes and projects.

http://punchng.com/fuel-subsidy-stoppage-saves-fg-15-4bn-kachikwu/?utm_source=&utm_medium=twitter

Savings that's not reflecting positively on the Economy of this Great Nation.



#Atiku

U pple will just be calling amount of money anyhow


so u mean that bubu saved 15bn dollars from fuel subsidy and still wants to borrow?

Ayam not just understanding Bubu at all !!!

softMarket:
U pple will just be calling amount of money anyhow


so u mean that bubu saved 15bn dollars from fuel subsidy and still wants to borrow?

Ayam not just understanding Bubu at all !!!

The term 'saved' means by his actions, 15bil was not spent on subsidy, not that the money was existing and was supposed to be used for subsidy but was not used again.

Where is d money or the effects of it on the masses?

Why una wan con dey tax u for data services??

Useless, clueless, evil, corrupt, daft, wicked government.

The exact way they have been saving for their pockets, a govt without agenda, programmes, plans and ideology.

Very insensitive bunch of square pegs in round holes.

Saving $15.4bn, yet Bubu wants to borrow $29bn, why are we lying to ourselves??

Really?....... Is that a good news or should we wait till we start to notice the changes in the skyrocketing inflation in the nation?..... Just asking because in this part of the world one can not tell a good news from the bad.

15 billion USD? how?
lol, truly the devil you know is better than the angel you don't know
i wish a reformed PDP could return back to power in this country.

A primary school head boy can do better than this govt

Mr kachikwu,can u tell ur oga at d top,to minus $15b,from the one he wants to borrrow,edakun

Rilwayne001:
Saving $15.4bn, yet Bubu wants to borrow $29bn, why are we lying to ourselves??

According to onatisi, " by the time way baba deal with us finish our neck go turn like TOLOTOLO own" hahahaaaaaa

Different stories of how so called monies are being recovered,saved,retrieved everyday yet self-inflicted hardship by this useless government is never ending.How does this give food to the poor man or provides jobs?

where is d money?

Just look at Nigerians commenting rubbish

The term saved here means we prevented us from spending 15bn dollars which we didn't have actually

Just looking above and the lilw they get i wonder if it just hatw or bad education or both

OZAOEKPE:

According to onatisi, " by the time way baba deal with us finish our neck go turn like TOLOTOLO own" hahahaaaaaa

Haha

mrvitalis:
Just look at Nigerians commenting rubbish

The term saved here means we prevented us from spending 15bn dollars which we didn't have actually

Just looking above and the lilw they get i wonder if it just hatw or bad education or both

Shut up! So what's the difference? They didn't spend 15bn on subsidy, then on what did they channel it to

If actually they have as much as 15bn reservation, then why the need for 29bn loan?

Rilwayne001:


Shut up! So what's the difference? They didn't spend 15bn on subsidy, then on what did they channel it to

If actually they have as much as 15bn reservation, then why the need for 29bn loan?

Lol
They don't have the money number one
Two they can't channel money they don't have to other places



Oh my ur IQ is supper low

AM JUST NOT UNDERSTANDING ANYMORE, HOW CAN A GOVT SAVE THAT ACCESS BUT STILL HAVE LEAKAGES IN OTHER ASPECT THAT ARE NOT AS BUOYANT AS THE OIL SECTOR

So where is the money?

The money that is now being saved was largely left unpaid by the previous administration, so the net effect isn't much as far as day to day activities goes

mrvitalis:

Lol
They don't have the money number one
Two they can't channel money they don't have to other places.

Seriously, they don't have the money? No point furthering with an ignorant fellow like you then.

Oh my ur IQ is supper low

supper low indeed. Silly illiterate.

MaziOmenuko:


The term 'saved' means by his actions, 15bil was not spent on subsidy, not that the money was existing and was supposed to be used for subsidy but was not used again.

Thank u for this apt explanation.

mrvitalis:
Just look at Nigerians commenting rubbish

The term saved here means we prevented us from spending 15bn dollars which we didn't have actually

Just looking above and the lilw they get i wonder if it just hatw or bad education or both

That is mob mentality in action. Crass ignorance of gargantuan proportions.

Comprehension is difficult for a lot of Nigerians.

Where is the money? Why are we then borrowing money like we are drug addicts?

abeg help ask am wey the money dey? and yet we want borrow

This is one minister who is really working. But I'm afraid his efforts will come to a nought and then subsequently ridiculed.

Which bank e dey? I wan check the bank statements make I dey sure say no be tori!

Ah! Devil is a liar, but this governments is the devil.... $15.6 billion within just 6 months? Haba! even brainless zombies won't believe this.

With all this savings we are still in deep recession, buhari means failure.