{"id":91179,"date":"2023-06-30T10:29:08","date_gmt":"2023-06-30T09:29:08","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/fuel-subsidy-removal-fg-saves-n400bn-in-four-weeks-operators"},"modified":"2023-06-30T13:01:59","modified_gmt":"2023-06-30T12:01:59","slug":"fuel-subsidy-removal-fg-saves-n400bn-in-four-weeks-operators","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-subsidy-removal-fg-saves-n400bn-in-four-weeks-operators","title":{"rendered":"Fuel subsidy removal: FG saves N400bn in four weeks \u2013 Operators"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>Operators within the downstream oil and gas sector have said the federal government has raked in N400 billion due to fuel subsidy removal in the last 30 days.<\/p>\n

On Friday, Chinedu Okonkwo, National President of the Independent Petroleum Marketers Association of Nigeria, disclosed this in an interview .<\/p>\n

Recall that in a meeting with oil and gas operators in February, Mele Kyari, the Group Chief Executive Officer of Nigerian National Petroleum Corporation Limited, NNPCL, had stated that the country spends N400 billion monthly on fuel subsidies.<\/p>\n

Speaking on the state of the sector owing to the removal of the subsidy and changes in the country\u2019s foreign exchange market, Okonkwo said that the deregulation has a long time impact.<\/p>\n

According to him, the development would either lead to an increase in fuel price or a decrease depending on the market-determined price of forex.<\/p>\n

He added that the impact on the masses would gradually decrease by introducing Compressed Natural Gas, CNG, into the sector.<\/p>\n

\u201cYou know how much the government is spending monthly on fuel subsidies payment, but that expenditure to the tune of dollars or Naira will be saved.<\/p>\n

\u201cThe government has indeed reduced spending on fuel subsidies, though the thing is biting, so we have drafted an alternative in Compressed Natural Gas, CNG,\u201d he said.<\/p>\n

For More News And Analysis About Nigeria<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. Operators within the downstream oil and gas sector have said the federal government has raked in N400 billion due to fuel subsidy removal in the last 30 days. On Friday, Chinedu Okonkwo, National President of the Independent Petroleum Marketers Association of Nigeria, disclosed this in an interview . Recall that in a […]<\/p>\n","protected":false},"author":84,"featured_media":91178,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[1570,2140,701,6215,254],"class_list":["post-91179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-nigeria-2","tag-fg","tag-fuel-subsidy-removal","tag-nigeria"],"yoast_head":"\nFuel subsidy removal: FG saves N400bn in four weeks \u2013 Operators - Nigeria<\/title>\n<meta name=\"description\" content=\"Operators within the downstream oil and gas sector have said the federal government has raked in N400 billion due to fue ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-subsidy-removal-fg-saves-n400bn-in-four-weeks-operators\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fuel subsidy removal: FG saves N400bn in four weeks \u2013 Operators\" \/>\n<meta property=\"og:description\" content=\"Operators within the downstream oil and gas sector have said the federal government has raked in N400 billion due to fue ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-subsidy-removal-fg-saves-n400bn-in-four-weeks-operators\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-30T09:29:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-30T12:01:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/06\/sm_1688110180.282152.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1728\" \/>\n\t<meta property=\"og:image:height\" content=\"1150\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-subsidy-removal-fg-saves-n400bn-in-four-weeks-operators#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-subsidy-removal-fg-saves-n400bn-in-four-weeks-operators\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Fuel subsidy removal: FG saves N400bn in four weeks \u2013 Operators\",\"datePublished\":\"2023-06-30T09:29:08+00:00\",\"dateModified\":\"2023-06-30T12:01:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-subsidy-removal-fg-saves-n400bn-in-four-weeks-operators\"},\"wordCount\":237,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-subsidy-removal-fg-saves-n400bn-in-four-weeks-operators#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/06\/sm_1688110180.282152.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"FG\",\"fuel subsidy removal\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-subsidy-removal-fg-saves-n400bn-in-four-weeks-operators#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-subsidy-removal-fg-saves-n400bn-in-four-weeks-operators\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/fuel-subsidy-removal-fg-saves-n400bn-in-four-weeks-operators\",\"name\":\"Fuel subsidy removal: FG saves N400bn in four weeks \u2013 Operators - 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