In a statement made by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said "Nigeria have been able to save a whooping sum of $15.4bn as a result of the removal of subsidy on petroleum products.
Kachikwu, who was represented by the ministry’s Permanent Secretary, Dr. Jemila Su’ara, also thanked the National Assembly for supporting the ministry and its agencies when the price modulation template was introduced in May.
In a statement issued by the ministry’s Director of Press and Public Relations, Mr. Idang Alibi, the minister stated that the price modulation had eliminated subsidies and liberalised the downstream sector of the oil and gas industry.
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