Subsidy removal: Nigeria’s fuel consumption rate drops by 33% – Kunle Salako

Minister of State for Environment, Kunle Salako, has stated that the bold move made during Bola Tinubu’s administration to eliminate fuel subsidies has resulted in a noteworthy 33% decrease in the country’s fuel consumption rate.

Speaking to newsmen at the 78th UN General Assembly in New York, Salako highlighted how this initiative had diminished the emissions originating from petrol.

“The singular action has reduced Nigeria’s consumption of petrol by 33%, reduced the level of emission generated by Nigerians.

“The courageous decision to remove subsidy from petroleum is furthering climate action by Nigeria.

“I had highlighted this development in some of the meetings I attended or represented the President and at the meeting of Committee of African Heads of State and Government on Climate Change and at the meeting of Commonwealth Ministers of Environment and Climate,” he said.

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Speaking on behalf of the President at the “High-Level Event for Nature and People: from Ambition to Action,” at the climate change summit in Kenya Salako stressed the importance of increased dedication to nature finance to achieve ambitious global conservation objectives, including the 30×30 goal.

30×30 is a global target to protect 30% of the planet from nature by 2030

“Last year, at COP15, the world agreed to fully close the natural finance gap and set a near-term target of delivering at least $20 billion in international finance to the Global South by 2025.

“Last month in Addis, African countries came together and issued a declaration that underscored the importance of these nature finance targets.

“Nigeria would like to urge all countries to increase their efforts on this issue and to work with us to ensure that the world follows through on these crucial financial commitments.

“This is our vision for the future, and we invite everyone to act and envision solutions that will preserve nature for future generations,’’ he said.