FG Extended deadline for Fuel Importation to 2024
The Federal Government of Nigeria will be ending the importation of petroleum products by the first quarter of 2024 with the completion of two refineries and rehabilitation of two others.
The Minister of State, Petroleum Resources, Timipre Sylva, made the projection based on the expected completion of the rehabilitation of the Port-Harcourt refinery, and completion of the 650,000 barrels per day (bpd) capacity Dangote Refinery.
Sylva disclosed this at an event on ‘President Muhammadu Buhari Administration Scorecard Series (2015-2023)’ organized by the Ministry of Information and Culture
The minister therefore assured that with the combined production of the Port-Harcourt refinery, Dangote refinery and the modular refineries, Nigeria would end importation of petroleum products into the country.
Fuel subsidy will now be removed gradually. And allocations for the public sector would henceforth be funded from consolidated revenue, while the resultant savings could be invested in other sectors such as agriculture and infrastructure.