Nigeria’s Minister of Finance and Coordinating Minister of the Economy
Wale Edun, has said that the country spends $600 million monthly on petrol importation.
Speaking on AIT’s Moneyline programme on Tuesday, August 7, 2024, Mr Edun the 2024 budget does not have provisions for a petrol subsidy.
However, noting that the quantity of fuel consumed by the Nigeroa is unknown, the minister said all the neighbouring countries are benefitting from the nation’s benevolence.
His words, “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.
“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.
“So we are buying not just for Nigeria, we are buying for countries to the East, almost as far as Central Africa, North and West.”
Mr Edun further stated that there is a need to review the key issues surrounding petroleum pricing in the interest of the Nigerian populace.
“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,” Mr Edun added.
