The Minister of Information and National Orientation, Mohammed Idris, has disclosed on Wednesday that Nigeria experienced a 50 per cent reduction in petrol importation since the withdrawal of the fuel subsidy.
President Bola Tinubu had on May last year removed the subsidy on petrol, a development that raised fuel price from N196 to about N650 currently.
Speaking at the third edition of the ministerial press briefing series in Abuja, Idris highlighted the positive impact of President Bola Tinubu’s reforms on the nation’s economy.
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Idris revealed the surge in Nigeria’s gross domestic product (GDP), growing by 3.46 per cent in the fourth quarter of 2023, compared to the 2.54 per cent recorded in the third quarter.
According to him, capital importation also witnessed a remarkable 66 per cent increase during the same period, reversing a 36 per cent decline observed in the third quarter.
He said, “Petrol importation has been reduced by 50 per cent since the withdrawal of the fuel subsidy. The Nigerian Stock Exchange All Share Index crossed the 100,000 mark – its highest ever, mainly due to the pragmatic reforms initiated by the President, which inspired investor confidence in the Nigerian economy.
“It is also encouraging to state that oil production has risen from 1.22 million barrels per day in the second quarter of 2023 to 1.55 million barrels per day in the fourth quarter of 2023.”
He further said that the removal of the petrol subsidy, announced by President Tinubu during his inaugural address on May 29, 2023, played role in these economic improvements.
Also, he highlighted President Tinubu’s commitment to addressing unemployment, with plans for a Social Security Unemployment Programme for graduates and a Social Consumer Credit Scheme aimed at bolstering purchasing power.
He added that the National Social Investment Programme is set for a revamp, with direct payments of N25,000 to 15 million households to resume immediately.
“This is in addition to setting up a Social Consumer Credit Scheme to boost the purchasing power of Nigerians, as they make adjustments in view of the temporary economic hardship.
“As the government rejigs the National Social Investment Programme, the direct payments of N25,000 to 15 million households will resume immediately.
“The government is equally tackling insecurity headlong and more success stories are coming in on a daily basis. Without any doubt, we are winning the war against insecurity,” he said.
Idris however assured the public that the government is actively combating insecurity, with daily success stories indicating progress in the battle against threats to national security.