Nigeria Witnesses 33% Drop in Fuel Consumption Following Subsidy Removal – In a significant development, Nigeria’s decision to remove fuel subsidies under President Bola Tinubu’s administration has led to a 33% reduction in the country’s fuel consumption rate, as disclosed by the Minister of State for Environment, Kunle Salako.
Speaking to the News Agency of Nigeria (NAN) during the 78th session of the UN General Assembly in New York, Minister Salako emphasized that the subsidy removal was not just an economic decision but also a major step in combatting environmental challenges. He noted, “The singular action has reduced Nigeria’s consumption of petrol by 33 per cent, reduced the level of emission generated by Nigerians.”
Highlighting the broader environmental implications, Salako reiterated that the bold move contributed significantly to Nigeria’s climate action efforts. He shared these insights in various international meetings, including the Committee of African Heads of State and Government on Climate Change and the Commonwealth Ministers of Environment and Climate gathering.
Salako represented Nigeria in these crucial discussions, emphasizing President Tinubu’s dedication to championing climate action. He stated, “It has also focused the attention of Nigeria at corporate and individual levels to renewable energy.”
Furthermore, addressing the “High-Level Event for Nature and People: from Ambition to Action,” Salako stressed the importance of the global community upholding their nature finance commitments. He referenced the previous agreement at COP15 to bridge the nature finance gap by channeling at least $20 billion in international finance to the Global South by 2025.
Championing Nigeria’s environmental cause, Salako highlighted the nation’s commitment to several Multilateral Environmental Agreements (MEAs), including the Convention on Biological Diversity. He pointed out that Nigeria is striving to address the biodiversity crisis both within its borders and by aiding neighboring nations in enhancing their capacities.
In addition, at the Blue Leaders High-Level Meeting, Minister Salako drew attention to Nigeria’s unique position as the West African country with the longest coastline. He stressed the adverse effects of an unregulated high sea and voiced Nigeria’s commitment to the ‘BBNJ’ Treaty agenda.
Salako proudly announced a significant achievement led by Nigeria: the consensus among the 55 member States of the African Union to support the ratification of the new international ocean treaty for the high seas, as outlined in the Addis Ababa Declaration from August 2023.
Concluding his series of engagements, Salako urged the global community to join forces for ocean conservation, emphasizing, “Let us be bold for Oceans Conservation together and join the African region to promptly ratify the new treaty.”