V.P Shettima stated that by removing fuel subsidy, Nigeria is expected to save 15 million tonnes of carbon dioxide emissions annually. In a speech on August 8, Shettima highlighted Nigeria’s progress in meeting its nationally-determined contribution targets.

According to him, “At the onset of this administration, President Tinubu took the bold step to put an end to the petrol subsidy.

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Preliminary analysis conducted by the National Council on Climate Change on the co-benefits of fuel subsidy removal indicates that there has been about a 30% reduction in daily fuel consumption, amounting to about 20 million litres, equivalent to an estimated daily saving of 42,800 tonnes of carbon dioxide emissions.

When projected over one year, it amounts to over 15 million tonnes of CO2 saved, representing about 40% greenhouse gas reduction.