Edun: FG Spends $600 Million Monthly on Fuel Imports

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed that the country spends $600 million monthly on fuel imports.

He attributed this high cost to neighboring countries, extending into Central Africa, benefiting from the nation’s fuel imports. Edun shared this information during an interview on AIT’s Moneyline program, which was posted on their YouTube channel on Wednesday. He explained that the lack of precise data on domestic fuel consumption was a significant factor in President Bola Tinubu’s decision to remove the fuel subsidy.

According to a report by the National Bureau of Statistics, the country’s petrol imports were reduced to an average of one billion liters monthly after President Bola Tinubu removed the fuel subsidy on May 29 last year.

Edun said, “The fuel subsidy was removed on May 29, 2023, by Mr. President. At that time, the poorest 40 percent of the population was only receiving four percent of the value, meaning they were not benefitting at all. So, the subsidy was essentially benefiting just a few.

“Another important point is that nobody knows the actual petroleum consumption in Nigeria. We know we spend $600 million to import fuel every month, but the issue is that all the neighboring countries are benefiting.

“So, we are not just buying fuel for Nigeria; we are buying for countries to the east, almost as far as Central Africa, as well as for countries to the north and the west. We have to ask ourselves as Nigerians how long we want to continue doing this. This is the key issue regarding petroleum pricing.”

Edun emphasized that the welfare of Nigerians remains a top priority for the current administration, particularly ensuring the availability and affordability of food.