According to reports, Nigerians’ daily consumption of gasoline has decreased from 65 million to 40 million since President Bola Tinubu announced subsidy removal on May 29, 2023.
This information was made public by the governor of Abia State, Alex Otti, following the National Economic Council (NEC)‘s (chaired by Vice President Kashim Shettima) inauguration on Thursday in the Council Chamber of the Presidential Villa in Abuja.
In a previous speech to the NEC, Tinubu declared that he would welcome cooperation in governance to address the economy and enhance the welfare of Nigerians, adding that he would not serve as an excuse for failure.
Bala Mohammed, the governor of Bauchi State, stated that the government deliberated and considered all the concerns regarding the subsidy removal, the difficulties, and the issues holistically. The government then established a small committee of the council to review and develop a mandate that will help to address the issue facing workers and other vulnerable groups.
He claims that the Kebbi state governors who make up the committee are led by Anambra, who represents the South East geopolitical zone. North Central Benue, Northwest Kaduna, Northeastern Bauchi, South-South Cross River, and Southwest Oyo State.
Speaking after the meeting, Otti said, “As part of the inaugural national economic council meeting today, the major focus was on the removal of petroleum subsidies, which implied the removal of subsidies on foreign exchange, which has led to some convergence of some sort.
“These two actions will undoubtedly result in higher prices. In order to address the issue and lessen the shock, the National Automotive Design and Development Council gave a presentation on the fantastic developments in the automotive sector.
“It was that about six states in the country, including Lagos, Ogun, Anambra, Enugu, Akwa Ibom, Kaduna, and Kano, have benefited from the domestic production of vehicles or the assembly of vehicles by Nigerian companies operating in Nigeria. And these companies include INNOSON, Maikano, Dangote Peugeot, Peugeot Automobile of Nigeria, Stallion Hyundai, Honda, Elizade/Toyota, Coscharis and Ford, Kojo Motors, and Jet Systems Motors.”
While he said Tinubu’s administration should be commended for its efforts to remove subsidies and still help create palliatives, Otti disclosed that the consumption of fuel has decreased in the country.
“But we must salute the courage of the current government to bite the bullet and remove it. Initially, it had reduced the consumption from about 66–67 million litres a day to just about 40 million. And as time goes on, consumption will continue to go down.
“We know there are implications, particularly for the poorest of the poor. And that is why this government is seriously looking at palliatives to at least deal with the shock that the poor of our society goes through,“ Otti said.