Subsidy Removal Reduces Nigeria’s Petrol Consumption to 30M/Litres, Says Tinubu

President Bola Tinubu has announced that the elimination of the fuel subsidy has significantly cut Nigeria’s daily petrol consumption, reducing it from several million litres to approximately 30 million litres.

Speaking on Thursday during a meeting with former lawmakers at the State House in Abuja, President Tinubu highlighted that the subsidy’s removal has given the country a more accurate picture of its petrol usage while also curbing smuggling activities.

The President stressed that while many Nigerians are focused on reducing petrol prices, the priority should be ensuring long-term energy security to address the broader challenges in the nation’s oil and gas sector.

“People are complaining of petroleum crisis. First of all, we must have fuel security. Yes, we have crude oil in the ground. But do we have the capacity to bring it up before we refine and distribute? Have we examined alternative sources of energy with all that the world has given to us?

“When I resumed, I said the subsidy was gone. There was no subsidy in the budget handed over to me. I can’t be creative look for magic lamp to create budget. Ever since, we maintain that position. From several millions of liters (of petrol), now we are down to 30 something. We are now knowing through consumption of how much we are taking.

“We are not here and we should not be here. And I know you are not one of them, the smugglers. Look at the prices across the countries—cameroon, Mali, Burkina Faso, Benin republic to Ghana—check the prices,” Tinubu added.

Tinubu further noted that the petrol subsidy had hindered investment in crucial areas such as infrastructure, education, and healthcare. He pointed out that without the subsidy, Nigeria can better equip schools, improve healthcare systems, and implement social welfare programmes that would offer a greater return on investment.

“Imagine how you get here. If you get here by road, how many roads in your communities are passable? Infrastructural deficit, capital spending, financial regulations not followed. I thank many of you. We’ve come a long way, and all I can promise is that I will do the best.

“I can assure you. I didn’t come to look for money and exploit the situation. I cam to work. I asked for the vote and they gave it to me.

“And we are not able to equip our hospitals, build new classes. If we are spending this money on ourselves, I believe we will get better return, happiness and development programs. If we invest this in our infrastructure to some extent that we are now afraid to even borrow to invest,” Tinubu added.