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Wednesday, May 18, 2022

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FG Targets $5bn Savings on Fuel Subsidy

Vice-President Yemi Osinbajo, says Nigeria expects to save over $5billion from fuel subsidy as oil prices continue to plummet in the international market.

“Lower oil prices also mean there is some advantage,” Osinbajo said in a panel discussion at the World Economic Forum in Davos, Switzerland, on Thursday.

He explained that the oil price decline “means that we are not paying any subsidies, which frees up something in the order of about $5 billion.”

On the challenge of budget deficit in view of falling oil prices, Osinbajo said:
“We think with adequate governance around budget management and around expenditure management, we can do quite a bit,” he said. “If we are able to do those things, we might be able to come away with under $30” a barrel of oil.

Image credit: Topcar

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