Nigeria to save 6 bln USD from removal of oil

Nigeria would save about 6 billion U. S. dollars by removing fuel subsidy, Minister of Labor and Productivity Emeka Wogu said here on Wednesday. Wogu said this while declaring open the 5th Quadrennial National Delegates Conference of Non-Academic Staff Union of Educational and Association Institutions (NASU) in the capital Abuja. "The figures that will be saved is 6 billion dollars, if the revenue formula is in place, Federal Government will now get 50 percent of that amount," the minister said. "And the other 50 percent will go back to finance for budget deficit and it is a lot of money," he added. Wogu said the 50 percent for the federal government would be domiciled in the Central Bank of Nigeria to be managed by eminent Nigerians, labor unions, youth organizations and the Nigeria Union of Journalists. He said the issue of subsidy was not an evil deal, rather it would stimulate the West African country's economic growth. He said the country's capacity to consume fuel was on the increase while the price of oil in the international market had gone up. Wogu said the four major refineries in the country located in Warri, Eleme, Port Harcourt and Kaduna were being rehabilitated.