The announcement, which revealed the financial impact of the subsidy removal, was made by Sunday Dare, the Special Adviser on Media and Public Communications to the President.

In a detailed bulletin outlining Tinubu’s achievements in the oil and gas sector, Dare also revealed that the president had signed five new executive orders aimed at boosting investments in the sector. 

These orders are expected to bring about $2.5 billion in new investments, enhancing the country’s energy policy framework.

Dual Pricing Mechanism Introduced

Among the reforms introduced is a dual pricing structure for petroleum products, allowing differentiation between transportation by trucks and by sea. 

This pricing model is expected to enhance logistics efficiency in the oil and gas supply chain while addressing regional price disparities.

The subsidy removal, announced in Tinubu’s inaugural speech, immediately resulted in a dramatic increase in fuel prices, with petrol prices jumping from ₦180 to approximately ₦620 per litre. 

By 2024, the price at retail filling stations had surged to between ₦1,200 and ₦1,400 per litre, depending on the region.

Economic Impact and Reallocation of Resources

The removal of the subsidy has freed up funds, which the government says can now be redirected toward critical sectors such as education, healthcare, and infrastructure development. However, questions about the effective utilisation of these savings are unanswered.

Finance Minister Wale Edun recently stated that the country has saved up to ₦20 trillion since the deregulation of the downstream sector, although this figure has been met with scepticism. 

It’s been argued that the government’s continued reliance on borrowing—such as a proposed $2.2 billion loan to address the 2024 budget deficit—raises doubts about how effectively the savings are being deployed.

Challenges and Full Deregulation

The transition to a fully deregulated petroleum market came with challenges as petrol prices were initially pegged at ₦620 per litre, with the Nigerian National Petroleum Corporation (NNPC) absorbing the implicit subsidy despite rising crude oil prices and the naira’s devaluation. 

However, mounting debts of approximately $6 billion owed to oil traders forced the NNPC to halt its subsidy mechanism, ensuring full deregulation.

This move has been met with mixed reactions from Nigerians, who face increasing economic stress due to inflation and rising living costs. 

While the government touts the benefits of subsidy removal, including the attraction of foreign direct investments and the stabilisation of the oil and gas sector, many citizens are continuously hit with its immediate economic repercussions.

The post Nigeria Saves $7.5 Billion Annually from Fuel Subsidy Removal – Presidency Reveals appeared first on Tech | Business | Economy.

He previously held the position of Executive Commissioner, Stakeholder Management at the Nigerian Communications Commission (NCC) between 2016 and 2019, where he managed the NCC’s interactions with public and private sector stakeholders.

He was the Chief of Staff/Special Adviser on media to President Tinubu when he was the leader of the APC.

In 2009, Sunday Dare was appointed Senior Special Assistant (Media) to the Minister of Information and Communications.

In this role, he managed media-related decisions, public information dissemination, and media policies under the Ministry’s jurisdiction.

Between 2001 and 2009, Dare served as Chief of the Hausa Service, African Division at Voice of America (VOA) in Washington, DC, where he managed various portfolios, including the daily production of radio and online broadcast programs.

He also led a team of international journalists based in Washington, DC, and correspondents in West Africa for Voice of America.

He was a correspondent for The Nation magazine in New York and as a production editor for the European-backed Fourth Estate magazine during Nigeria’s military interregnum. He was also part of the founding team of Nigerian weekly magazines, The News and Tempo.

Academic records

• London School of Economics, LSE Strategic Communications.
• Oxford University, UK Academic Research Fellow.
• Harvard University Cambridge, Boston Massachusetts, USA Journalism and New Media Studies Nieman Journalism Fellowship
• New York University Freedom Forum Fellow Visiting Scholar, School of Journalism
• University of Jos Masters in International Law and Diplomacy
• Ahmadu Bello University, Zaria, Kaduna, Nigeria Bachelor of Science (B.Sc) Degree in International Studies
• Member, Nigerian Institute of Public Relations. NIPR. (BEEC)
• Oyo States College of Arts and Science, (OSCARS) Ile-Ife. Nigeria. Advanced Level Studies in Fields of Government, Economics and Geography
• Baptist High School, Jos, Nigeria West African Examination Council (WAEC)

Books and Publications

• Making a Killing-The Business of War

Public Integrity Books, Washington DC (March 2003)

(In 2003 Won the Sigma Delta Chi Online Research Award of the Society For Professional Journalists, SPJ)

• Guerrilla Journalism: Dispatches from the Underground.

Xilibris Corporation, USA. (March 2007)

• We Are All Journalists- Africa in the Age Of Social Media.

(Oxford University approved academic research) 2011

• Datelines – A Journalist’s Narrative

May, 2016

Awards

• 2010, Selected As One of The 50 Leading Nigerians in North America -in Commemoration of Nigeria’s 50th Anniversary
• 2000, Committee to Protect Journalists, CPJ, New York-Special Citation for Courage
• 2009-Awarded Voice of America Meritorious Honor Award in recognition of skilful leadership, outstanding performance, and contribution in accomplishing the VOA mission by making the Hausa program one of the most impactful broadcasts in the target area.
• In 2004, awarded VOA Silver Medal in “recognition of extraordinary contributions towards the accomplishment of the mission and goal of the agency.”
• In 2003, awarded VOA Quality Step Increase in “recognition of sustained high quality performance of official duties.”
• In 1996, awarded the “Best Correspondent Award” for coverage of Political developments under Nigeria’s brutal military dictatorships.
• Member of the International Committee to Protect Journalists Citation in 2000 in New York City.

The post Meet Sunday Akin Dare: President Tinubu’s New Special Adviser on Public Communication and Orientation appeared first on Tech | Business | Economy.