{"id":12695,"date":"2016-12-15T19:43:45","date_gmt":"2016-12-15T19:43:45","guid":{"rendered":"http:\/\/newsroom247.com.ng\/?p=12695"},"modified":"2016-12-15T19:43:45","modified_gmt":"2016-12-15T19:43:45","slug":"nigeria-saves-n15-4-billion-monthly-from-fuel-subsidy-removal-osinbajo","status":"publish","type":"post","link":"http:\/\/newsroom247.com.ng\/?p=12695","title":{"rendered":"Nigeria saves N15.4 billion monthly from fuel subsidy removal \u2013 Osinbajo"},"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><code><iframe loading=\"lazy\" src=\"https:\/\/www.alternativeadvert.com\/show.php?z=30&amp;pl=11844&amp;ad_type=59&amp;rl=180\" width=\"300\" height=\"250\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/code><\/p>\n<p>Vice-President Yemi Osinbajo says the fuel subsidy removal has removed a burden of not less than N15.4 billion monthly from the Federal Government.<\/p>\n<p>Mr. Osinbajo said this in Abuja on Thursday at the 2016 presentation of scorecard of the Ministry of Petroleum Resources and Agreements Signing ceremony for Joint Venture Cash Calls (JVC) exit.<\/p>\n<p>Represented by the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, Mr. Osinbajo said that $15 billion would be injected into the sector.<\/p>\n<p>\u201dI am pleased to be the special guest of honour at the agreements signing ceremony for Joint Venture Cash Call exit and the announcement of $15 billion investments to be done in the sector.<\/p>\n<p>\u201dThe oil and gas sector remains very critical to the stability and growth of our economy as it accounts for about 90 per cent of earnings.<\/p>\n<p>\u201dAmongst others, the downstream sector has been deregulated with the elimination of petroleum subsidy.<\/p>\n<p>\u201dThis policy has removed from government, a burden of not less than N15.4 billion monthly,\u201d he said.<\/p>\n<p>The vice-president said that government had taken steps to raise the domestic refining capacity for petroleum products by repairing the existing refineries.<\/p>\n<div class=\"code-block code-block-3\"><\/div>\n<p>\u201dWe have also licensed modular refineries and support the development of private refineries one of which is a 650,000 barrel per day capacity,\u201d he said.<\/p>\n<p>According to him, one of the refineries is nearing completion, adding that when completed, it will restore \u201cour pipeline to facilitate crude and products transportation.\u201d<\/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>He said that the Federal Executive Council (FEC) had approved new measures aimed at eliminating the burden of JVC and easing future payments in the upstream sector.<\/p>\n<p>Mr Osinbajo commended the World Bank on the global initiative to secure the environment by ending and commercialising gas flares.<\/p>\n<p>\u201dIt will boost the discharge of international obligations by Nigeria on climate change and contribute to our national power generation capacity\u201d.<\/p>\n<p>He urged other ministries to come up with score cards of their performances in the last year.<\/p>\n<p>Also speaking, the Minister of State for Petroleum, Ibe Kachikwu, said that when he took over the leadership of the ministry, oil sector was losing N1.2 trillion every year and fuel scarcity was common.<\/p>\n<p>\u201dToday, we have a situation where refined petroleum consumption has gone down from an all-time high of 40 million litres a day to about 28 million litres a day.<\/p>\n<p>\u201dOn cash call, the issue was how long the upstream was going to continue to bleed as investments were drying up and activities grinding to a halt.<\/p>\n<p>\u201dFor the first time in 2017, you are going to see the Ministry driving an effort with the Department of Petroleum Resources to find leakage areas, essential to cover the gap in the 2017 budget.<\/p>\n<p>\u201dIn the Niger Delta, we have brought the all-time low production of 1.3 million barrels per day (mbpd) to 1.8mbpd but for some minor incidents it would be closer to 2.1mbpd or 2.2mbpd.<\/p>\n<p>\u201dWe set a zero militancy target in 2017 and we want anything that needs to be done should be done,\u2019\u2019 he said.<\/p>\n<p>On Organisation of Petroleum Exporting Countries, OPEC, he said that he was thrust into the chairmanship of the organisation immediately he was appointed.<\/p>\n<p>He added that he said he had to convince four countries to serve as engine rooms of finding solutions and not bringing the national problems to OPEC.<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><\/p>\n<div class=\"code-block code-block-2\"><\/div>\n<p>In her address of welcome, DJamila Shua\u2019ra, said that \u201dthe year started with refineries producing below capacity, high demand for petroleum products and insufficient supplies at depots, forex shortages.<\/p>\n<p>\u201dHowever, President Muhammadu Buhari believed in our team and our collective ability to find solutions.<\/p>\n<p>\u201dAlthough, it is not Uhuru yet, there are many more rivers to cross. As we speak, aviation fuel remains a challenge.<\/p>\n<p>\u201dWe are yet to pick maximum capacity in our refineries and there is need for more investors to fund massive infrastructural development in the sector\u201d.<\/p>\n<p>The News Agency of Nigeria reports that awards were presented to an outstanding staff each from subsidiaries of the ministry.<\/p>\n<p>(NAN)<\/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=11844&amp;ad_type=59&amp;rl=180\" width=\"300\" height=\"250\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p><a href=\"http:\/\/market.jumia.com.ng\/computers-laptops-gaming\/?utm_source=pap&amp;utm_medium=aff&amp;utm_campaign=b364e0f2&amp;a_aid=Omafume&amp;a_bid=b364e0f2\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" class=\"\" title=\"\" src=\"\/\/kaymu.postaffiliatepro.com\/accounts\/default1\/a72f75b38\/b364e0f2.png\" alt=\"\" width=\"529\" height=\"227\" \/><\/a><img loading=\"lazy\" decoding=\"async\" style=\"border: 0;\" src=\"http:\/\/kaymu.postaffiliatepro.com\/scripts\/a72f75i38?a_aid=Omafume&amp;a_bid=b364e0f2\" alt=\"\" width=\"1\" height=\"1\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vice-President Yemi Osinbajo says the fuel subsidy removal has removed a burden of not less than N15.4 billion monthly from the Federal Government. Mr. Osinbajo said this in Abuja on Thursday at the 2016 presentation of scorecard of the Ministry of Petroleum Resources and Agreements Signing ceremony for Joint Venture Cash Calls (JVC) exit. Represented [&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":[2517,1272,1108],"class_list":["post-12695","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-abubakar-malami","tag-opec","tag-yemi-osinbajo"],"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-3iL","_links":{"self":[{"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/12695","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=12695"}],"version-history":[{"count":1,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/12695\/revisions"}],"predecessor-version":[{"id":12696,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=\/wp\/v2\/posts\/12695\/revisions\/12696"}],"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=12695"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12695"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/newsroom247.com.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12695"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}