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“We shall work in a coordinated manner to implement key reforms in the energy sector and collaborate to stem oil theft and vandalisation of fuel infrastructure to tap the current high oil prices,” Mr Tinubuat a dialogue organised by the Nigerian Economic Summit Group and other business leaders in Lagos in January last year.
In this report, PREMIUM TIMES presents a one-year scorecard of Mr Tinubu’s administration based on his campaign and other promises made upon assumption of office in the petroleum sector.In his manifesto, Mr Tinubu promised to increase oil production to 2.6 million barrels per day by 2027 and 4 million bpd by 2030 and increase the indigenous share of crude oil production to over 1 million bpd by 2027.
Apart from helping to save public funds, according to the government, the removal of the subsidy was also expected to allow for more private-sector operators in the petrol sector including in the importation of the product.in fuel price from N197 to between N480 and N570 which immediately triggered an increase in transportation fares and prices of goods and services in the country.the rise in prices to ‘market forces’.
Speaking in Lagos at an event to mark the inaugural importation of petrol into the country by Emadeb Energy, the Chief Executive Officer of the company, Adebowale Olujimi, said the company had proven its capacity and readiness to actively play its part in ensuring steady product supply in the country.
There have been speculations that the government had partly reintroduced a petrol subsidy, unannounced, to keep the pump price at around N617 given the continued fall in the value of the naira against the dollar and the price of crude oil in the international market. Since Nigeria depends on imported refined products, the exchange rate is a key determiner of the prices they are sold to consumers.
Meanwhile, on 6 October 2023, the National President of the Petroleum and Natural Gas Senior Staff Association of Nigeria , Festus Osifo, insisted that the Nigerian government hadMr Osifo, who is also the president of the Trade Union Congress , one of Nigeria’s two largest workers union coalitions, while featuring on a Channels Television programme, Politics Today, said due to the cost of crude oil in the international market and the exchange rate, the government still pays subsidies on petrol.
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