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In preparation for the removal of petrol subsidies, the outgoing Federal Government of Nigeria plans to establish a six-month petrol consumption reserve.
The subsidy removal is set to take effect on July 1, and the government has allocated N3 trillion for subsidy payments in the 2023 budget between January and June.
While some experts believe that the removal of subsidies will reduce Nigeria’s foreign debt and encourage investment in the industry, they also urge the government to minimize the impact on citizens.
The Permanent Secretary in the Ministry of Petroleum Resources, Ambassador Gabriel Aduda, announced the plans at the Sixth Nigerian International Energy Summit (NIES) in Abuja.
He stated that the government will ensure a minimum of six-month sufficiency stock of petrol before the final phase-out of the subsidy regime.
Aduda also emphasized the need to minimize the disruption of the subsidy removal on the economy and citizens’ livelihoods.
The former Executive Secretary of the Major Oil Marketers Association of Nigeria (MOMAN), Mr. Tunji Oyebanji, called on the government to provide a clear roadmap for subsidy removal and clarify whether it will provide forex for importers and whether the Nigerian National Petroleum Company Limited (NNPCL) will remain the sole importer of the product.
The government has also made efforts to develop Compressed Natural Gas (CNG) in Benin City, Edo State, where over 1,000 vehicles are already fueling with the product.
MOMAN’s Executive Secretary, Clement Isong, welcomed the plan to make forex available to petrol importers.
