{"id":201329,"date":"2022-07-05T10:14:15","date_gmt":"2022-07-05T09:14:15","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=201329"},"modified":"2022-07-05T10:14:15","modified_gmt":"2022-07-05T09:14:15","slug":"lai-mohammed-speaks-on-petrol-subsidy-removal","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/07\/05\/lai-mohammed-speaks-on-petrol-subsidy-removal\/","title":{"rendered":"Lai Mohammed speaks on petrol subsidy removal"},"content":{"rendered":"<p>Minister of Information and Culture, Lai Mohammed, has revealed why he is against the removal of petrol subsidy in Nigeria<\/p>\n<p>Lai Mohammed, said the removal of petrol subsidy in the country may lead to instability.<\/p>\n<p>He made this known during an interview with Reuters on Monday July 4, also said that many countries have introduced measures to help citizens cope with high oil energy prices due to the Russia-Ukraine war.<\/p>\n<p>He said;<\/p>\n<p>\u201cWhen you consider the chaos, the social disharmony and \u2026 instability such an action (of abolishing <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/01\/25\/breaking-fuel-subsidy-will-last-another-18-months-fg\/\">subsidies<\/a>) would facilitate, is it worth it? I don\u2019t think so.\u201d<\/p>\n<p>Also speaking on oil theft in the country, Mohammed said there are concerns about the culpability of the nation\u2019s security agencies. He also said that barges of oil cannot be stolen and moved on the coastal waters without the collaboration of some powerful stakeholders.<\/p>\n<p>Mohammed also alleged that the new petroleum industry law that allocates money to oil-producing communities would stop attacks. He further blamed the European Union\u2019s climate change policies for stifling investment in the sector.<\/p>\n<p>He said;<\/p>\n<p>\u201cThis puts the figure at about N1.36trillion when converted to naira with the official rate of N416.25 to the dollar exchange rate. In the first quarter of 2022, oil theft was worth N434billion. This menace has prevented Nigeria from meeting its crude oil output capacity.<\/p>\n<p>\u201cOut of about 141million barrels produced in the first quarter, about nine million barrels were lost to crude oil theft. This menace has become a national disaster and a critical threat to the nation\u2019s revenue base. Various reports confirm that the Bonny Terminal Network, Forcados Terminal Network, and Brass Terminal Network are major routes for this organized crime.<\/p>\n<p>\u201cWe believe that climate change is real and important for emission control, but there is a bit of double standard in the EU policy regarding climate change.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Minister of Information and Culture, Lai Mohammed, has revealed why he is against the removal of petrol subsidy in Nigeria Lai Mohammed, said the removal of petrol subsidy in the country may lead to instability. He made this known during an interview with Reuters on Monday July 4, also said that many countries have introduced [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":201331,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[41416,372,2559,7656],"class_list":["post-201329","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-instability","tag-lai-mohammed","tag-petrol-subsidy-removal","tag-speaks"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Lai Mohammed speaks on petrol subsidy removal<\/title>\n<meta name=\"robots\" content=\"index, follow, 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