{"id":12443,"date":"2016-11-22T20:03:24","date_gmt":"2016-11-22T20:03:24","guid":{"rendered":"http:\/\/newsroom247.com.ng\/?p=12443"},"modified":"2016-11-22T20:03:24","modified_gmt":"2016-11-22T20:03:24","slug":"fg-saves-n283-5b-from-fuel-subsidy-removal-in-six-months","status":"publish","type":"post","link":"http:\/\/newsroom247.com.ng\/?p=12443","title":{"rendered":"FG saves N283.5b from fuel subsidy removal in six months"},"content":{"rendered":"<p><code><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br \/>\n<!-- www.deltanewsroom.com --><br \/>\n<ins class=\"adsbygoogle\" style=\"display: block;\" data-ad-client=\"ca-pub-2163942495525027\" data-ad-slot=\"1411897411\" data-ad-format=\"auto\"><\/ins><br \/>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/code><\/p>\n<p>The Federal Government said it has saved N283.5billion from removal of fuel <a href=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2016\/10\/NNPC-Tower.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-11754\" src=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2016\/10\/NNPC-Tower-300x171.jpg\" alt=\"nnpc-tower\" width=\"300\" height=\"171\" srcset=\"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2016\/10\/NNPC-Tower-300x171.jpg 300w, http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2016\/10\/NNPC-Tower.jpg 700w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>subsidy more than six month ago.<\/p>\n<p>Speaking at a KPMG Breakfast Meeting with Chief Financial Officers in Lagos on Monday, the Minister of Budget and National Planning, Senator Udoma Udo Udoma, stated that \u201cwe have reduced losses to the treasury arising from the fuel subsidy regime. It will be recalled that premium motor spirit (PMS) otherwise called petrol was liberalized on the 12th May, 2016.\u201dImmediately this was announced, consumption dropped by about 30 per cent, resulting in a saving of $4.5million daily (N1.6billion) from the elimination of false subsidy claims.\u201d<\/p>\n<p><code><iframe loading=\"lazy\" src=\"https:\/\/www.alternativeadvert.com\/show.php?z=30&amp;pl=11652&amp;ad_type=59&amp;rl=180\" width=\"300\" height=\"250\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/code><\/p>\n<p>&nbsp;<\/p>\n<p>At an exchange rate of N350 to a dollar, the government would have saved N283.5billion in six month.<\/p>\n<p>&nbsp;<\/p>\n<p>He said 2016 is a very tough year for the government due to decline in revenue. \u201cWe have been unable to achieve our 2016 budget production target of 2.2 million barrels per day. Indeed at some point, we were barely able to produce 1.1mbpd.<\/p>\n<p>\u201cThe fall in crude production has affected the level of foreign exchange earnings. Since 95 per cent of our foreign exchange earnings come from oil sector, this has impacted adversely on the level of non-oil revenues.<\/p>\n<p>\u201cIn short, oil revenues are down, non oil revenues are also down. This is because much of our non-oil sector is consumption-driven and relies on foreign exchange earnings from oil sector and other capital inflows which also depend largely on fortunes of the oil sector,\u201d he said.<\/p>\n<p>However, Senator Udoma reiterated government\u2019s efforts at restoring sanity to the oil and gas industry.<\/p>\n<p>\u201cWe have just renegotiated a new arrangement with our joint venture partners in which we are exiting cash calls. This will lead to enhanced and improved oil production.<\/p>\n<p>\u201cWith this major reform which will become operational by January 2017, we should be expecting over $15billion worth of investment in the oil sector,\u201d he said.<\/p>\n<p>In his own contribution, the Group Chief Financial Officer, Jagal Group, Mr. Richard Turner, argued that except the bill that will guarantee reforms in the oil sector is passed, the government may find it difficult to implement those proposed policies.<\/p>\n<p>\u201cWe need to pass the Petroleum Industry Bill (PIB) for the proposed reform to work. My company has invested over $500million in Nigeria and ready to invest more. But the non-passage of PIB stalls projects that are supposed to come to us. My heart breaks whenever we have to disengage some workers due to absence of work.<\/p>\n<p>\u201cNigeria Content is fundamental to investment in Nigeria. We want to keep the investment in Nigeria going and continue to engage more workers,\u201d he said.<\/p>\n<p>Meanwhile, Federal Government has disclosed its readiness to unveil a new four years economic road map known as Nigeria\u2019s Economic Recovery and Growth Plan (NERGP) 2017-2020.<\/p>\n<p><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br \/>\n<!-- www.deltanewsroom.com --><br \/>\n<ins class=\"adsbygoogle\" style=\"display: block;\" data-ad-client=\"ca-pub-2163942495525027\" data-ad-slot=\"1411897411\" data-ad-format=\"auto\"><\/ins><br \/>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/p>\n<p>Minister of Budget and National Planning, Senator Udoma Udo Udoma, made this disclosure in Lagos on Monday during a Breakfast Meeting for Chief Financial Officers (CFO) organized by KPMG.<\/p>\n<p>He noted that the draft document of the economic plan will be available in early December and formally launched by President Muhammadu Buhari before the end of the year.<\/p>\n<p>Sharing his thought on the 2017 budget and also taking reactions and input from stakeholders, he emphasized that the federal government reforms and initiatives which will be reflected in the 2017 Budget, are being brought together in a single document, that will present a coherent summary of Nigeria\u2019s short and medium term economic plans for the period 2017-2020, specifically by putting government strategies, directions, policy priorities and intended initiatives in one place, that will enable other stakeholders to take their own strategic economic decisions.<\/p>\n<p>The minister, who said he cannot speak on the 2017 Budget because it has not yet been submitted to the National Assembly, explained that \u201cthe good news is that the budget is almost ready. We are almost through with our consultations with the National Assembly on the Medium Term Expenditure Framework, and the outlines of the 2017 Budget, and will soon be submitting it to the National Assembly for their consideration.<\/p>\n<p>\u201cWithout giving anything away I can assure you that the Budget will be targeted at stimulating private sector investment. This Government believes that it is only by partnering with the private sector that we can propel the economy out of recession and onto the path of sustainable growth.\u201d<\/p>\n<p>He pointed out that the NERGP will focus on five broad areas, which include: \u201cmacroeconomic policy, economic growth and diversification, competitiveness, social inclusion and jobs and governance and enablers.<\/p>\n<p>On whether the proposed new economic policy will not go the way of others, Senator Udoma noted that \u201cthis will not be just another plan. There will be a major emphasis on implementation, monitoring and evaluation of this NERGP. Given the current challenging economic environment, it is planned to set up a special delivery unit to drive implementation of the NERGP.<\/p>\n<p>\u201cAs part of process of finalising the plan, a retreat was held on November 10-11, 2016 to review specific initiatives which could be considered in the report. To further enrich the plan, additional consultations with various stakeholders such as state governments, development partners, the National Assembly and the private sector are ongoing,\u201d he said.\u00a0 Source: http:\/\/tribuneonlineng.com\/<\/p>\n<p><code><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br \/>\n<!-- www.deltanewsroom.com --><br \/>\n<ins class=\"adsbygoogle\" style=\"display: block;\" data-ad-client=\"ca-pub-2163942495525027\" data-ad-slot=\"1411897411\" data-ad-format=\"auto\"><\/ins><br \/>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/code><\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.alternativeadvert.com\/show.php?z=30&amp;pl=11652&amp;ad_type=59&amp;rl=180\" width=\"300\" height=\"250\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Government said it has saved N283.5billion from removal of fuel subsidy more than six month ago. Speaking at a KPMG Breakfast Meeting with Chief Financial Officers in Lagos on Monday, the Minister of Budget and National Planning, Senator Udoma Udo Udoma, stated that \u201cwe have reduced losses to the treasury arising from the [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":11754,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"ngg_post_thumbnail":0,"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[1],"tags":[1346,2995],"class_list":["post-12443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-petroleum-industry-bill-pib","tag-senator-udoma-udo-udoma"],"jetpack_featured_media_url":"http:\/\/newsroom247.com.ng\/wp-content\/uploads\/2016\/10\/NNPC-Tower.jpg","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p4oswh-3eH","_links":{"self":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/12443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12443"}],"version-history":[{"count":1,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/12443\/revisions"}],"predecessor-version":[{"id":12444,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/12443\/revisions\/12444"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/media\/11754"}],"wp:attachment":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12443"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}