FG Saves N2.6billion From Subsidy Removal in Six Weeks, Trims Oil Marketers to 18

The outgoing Executive Secretary of the Petroleum Products Pricing Regulatory Agency, PPPRA, Ahmed Farouk, on Thursday, February 18, disclosed that subsidy removal has saved the nation billions.

Giving account of his time at the helm of PPPRA, Ahmed said a sum of N2.6 billion accrued into a special account in the Central Bank of Nigeria (CBN) from the operation of the price modulation regime the federal government implemented from January 1, 2016.

“At the beginning of last year we were having 58 marketing companies that participated in the importation including NNPC and NNPC Retail. Today we have 18 because we are looking for efficiency.”

“There is no point for you to give allocation to a marketer and he gives you excuse why he has failed to import and Nigerians continue to suffer because of insufficient product in the market.  Outside NNPC and NNPC Retail we have 16 marketing companies,” he said.