Fuel Importation Gulps $600m Monthly, Says FG

The Federal Government of Nigeria has disclosed that the importation of petrol is gulping a whopping $600bn monthly.

Despite this humongous amount spent on importation, Nigerians continue to spend countless hours queuing to get Premium Motor Spirit, (PMS) popularly called petrol.

Wale Edun, Minister Of Finance And Coordinating Minister Of The Economy, made this known while speaking on Tuesday during an interview on AIT’s Moneyline programme.

“Another point that I think is important is that nobody knows the consumption in Nigeria of petroleum. We know we spend $600 million every month on importation but the issue here is that all the neighbouring countries are benefitting.

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“So we are buying not for just for Nigeria, we are buying for countries to the east, almost as far as Central Africa, north and west.

“And so we have to ask ourselves as Nigerians, how long do we want to do that for and that is the key issue regarding the issue of petroleum pricing” he said.

Edun said the nation must take a decisive step to tackle the problem as it impedes economic growth.

The minister, however, reiterated that there is no petrol subsidy in the 2024 budget.

“The fuel subsidy was removed May 29, 2023, by Mr President, and at that time, the poorest of 40 percent was only getting four percent of the value, and basically, they were not benefitting at all. So it was going to be just a few,” he said.