The removal of fuel subsidy as announced by President Bola Tinubu on May 29, 2023, has reduced the daily consumption of petrol by Nigerians from 65 million to 40 million, Vanguard reports.
This was revealed by Abia State Governor, Alex Otti, after the inauguration of the National Economic Council (NEC) on Thursday, chaired by Vice President Kashim Shettima at the Council Chamber, Presidential Villa, Abuja.
Speaking after the meeting, Otti said, “As part of the inaugural national economic council meeting today, the major focus was on the removal of petroleum subsidy and implied the removal of subsidy on foreign exchange, which has led to some convergence of some sort.
“The impact of these two actions definitely is increased prices. And as a way to solve the problem and reduce the shock, a presentation was made by the National Automotive Design and Development Council on the great things that are happening in the automotive industry.
