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The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun has revealed that Nigeria spends $600 million each month on fuel importation.
Wale said this when he appeared on AIT Moneyline program which was shared on the station’s YouTube channel on Wednesday.
According to the Minister, this expenditure is partly because neighbouring countries, extending to Central Africa, are benefiting from these fuel imports.
The Minister however, noted that this situation forced President Bola Tinubu to abruptly end the fuel subsidy regime, as the country lacks actual data on its domestic fuel consumption.
Mr Wale said, “The fuel subsidy was removed on May 29, 2023, by Mr. President, and at that time, the poorest 40 percent of the population were receiving only four percent of the benefit, meaning they were not truly benefitting at all. So, it was just a select few.
“Another critical 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 neighbouring countries are benefitting.
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“We are not just buying for Nigeria; we are supplying countries to the east, as far as Central Africa, as well as those to the north and west. We must ask ourselves as Nigerians: how long do we want to continue this practice? That is the key issue regarding petroleum pricing.”
Speaking further, Wale clarified that the release of the N570 billion fund to state governments was implemented in December 2023.
“This refers to reimbursements that the states began receiving from December last year onwards, which were part of the COVID financing protocol. The point is that the states have received more funds. Mr. President has tasked us with ensuring food production in the states,” he said.
