Federal Government on Thursday, August 11, said that it has saved about N1.4 trillion that would have been paid as subsidy to oil marketers following the successful deregulation of the downstream oil and gas sector a few months ago.
The Vice-President, Professor Yemi Osibanjo, revealed this while speaking at the Lagos Chamber of Commerce and Industry, LCCI 2016 Presidential Policy Dialogue Session, in Lagos, saying that the Nigerian economy remained resilient despite the huge challenges and downside potentials.
Osinbajo noted that most of the refineries in the nation were expected to resume operation in full capacity before the end of 2017,having set a medium to long term strategy in motion to overhaul and sort them out.
He stated that the successful deregulation of the downstream oil and gas sector has resulted in conservation of budget resources and reduction in demand for Foreign Exchange, FX.
According to him, the action has further reduced the need to import petrol, which was also being smuggled to the neighbouring countries due to previous price differentials.
