Petrol importation reduced by 50% since subidy removal, says FG

Additionally, the minister said local oil production has
risen from 1.22 million barrels per day (bpd) in the second quarter (Q2) of
2023 to about 1.55 million in the fourth quarter (Q4) of 2023.

“We also know that our domestic refining capacity, according
to the NBS, has also risen by about 8 percent,” he said.

On May 29, 2023, Tinubu announced the removal of the subsidy
on petrol, consequently increasing the price of the product exponentially
across the country.

Speaking on Tuesday at the the 7th Nigeria International
Energy Summit (NIES) in Abuja, Tinubu had said the subsidy removal policy was a
challenging but necessary decision to secure the country’s energy future.

He said the payment of petrol subsidy strained the country’s
resources over the years and hindered investments in critical infrastructure.