Fuel hike: Subsidy removal to earn Nigeria $1bn quarterly - Kachikwu

We first looked at the number of litres on which subsidy was being paid, the new policy is to address those subsidy issues as well as product availability and distribution which is saving Nigeria about $1 billion quarterly,” Kachikwu, also  condemned the incessant attacks on oil installations in the country, noting that Nigeria had lost over 800,000 barrels of crude oil in recent attacks. According to him, because of the incessant pipeline ruptures that have happened in incessant attacks in states in those areas, Nigeria has lost over 800,000 barrels of oil. “We declined from 2.2 million barrels, which was the focus of the 2016 budget, to 1.4 million barrels as of today,” he said. Kachikwu, however, expressed the ministry’s commitment to ensuring that affected facilities were repaired and effectively protected. “We are going to work hard to see how we will get these issues resolved and get our production back,” the minister said.