The Minister of State for Budget and National Planning, Zainab Ahmed on Thursday said the partial deregulation of the downstream oil sector and the increase in pump price of PMS is saving the Federal Government about N1.4bn on a daily basis.
Ahmed said this while speaking at the Second Presidential Economic Communications Workshop in Abuja.
The minister said the Federal Government was tackling challenges hindering the private sector from participating in the upstream sector.
Ahmed said, “Similarly, the current implementation of the policy has led so far to savings of $4.5m per day and 50 per cent reduction in daily truck-out from the loading depots. Also, the average daily truck-out has reduced from 1,005 prior to the deregulation to 542 for the period after deregulation.
“And there is a boost in agricultural production for food sufficiency, as food imports have the third highest demand for forex, which was $3.4bn in 2015 or about eight per cent of the total demand.”
So ,of what importance is that to hungry Nigerians.?