By Godfrey AKON
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Mele Kyari, has disclosed that the country’s daily fuel consumption has declined by 10 million litres that is about 30 percent of the 66.7 million litres.
Kyari at a media briefing by the Minister of Finance and Co-ordinating Minister of the Economy, Mr. Wale Edun, in Abuja thon Friday said the reduction in fuel demand from about 66.7 million litres daily before the removal of subsidy to about 46 million currently also meant a 30 percent reduction in NNPCL’s demand for foreign exchange to import fuel.
He also disclosed that oil production has ramped up to 1.6 million barrels by Wednesday, from a very poor position of less than 1 million some months ago.
Earlier, Mr. Edun said that the Tinubu administration was targeting Nigerians’ funds held in domiciliary accounts in the country and funds held abroad.
He said that Nigerians had huge funds at home and abroad which could be deployed to rejuvenate the economy and that his team was working to ensure the needed environment to attract such fund into the Nigerian economy for investment in various sectors.