Edun: The True Extent Of Petrol Consumption In Nigeria Remains Unclear

Edun: The True Extent Of Petrol Consumption In Nigeria Remains Unclear....KINDLY READ THE FULL STORY HERE▶

Minister of Finance and Coordinator of the Economy, Wale Edun, has revealed that the exact amount of petrol consumption in Nigeria is unknown. During an appearance on AIT’s Money Line with Nancy, Edun noted that the 2024 budget does not include provisions for a fuel subsidy……. CONTINUE READING 

He explained that the cost difference between the landing price and the selling price of fuel is no longer covered by a subsidy. Some organizations are providing fuel at reduced costs for security reasons, but this does not equate to a subsidy.

Edun further highlighted that when President Bola Tinubu’s administration took office, subsidized fuel meant for Nigerians was diverted to other African countries. He elaborated that Nigeria’s payment for fuel imports only yielded a minimal benefit, with the country getting just 4 percent of the value while subsidizing fuel for neighboring countries.

“The fuel subsidy was removed on May 29, 2023. At that time, the poorest 40 percent of the population were receiving only 4 percent of the benefit. Essentially, we were not gaining from it, while it benefited a few. Importantly, no one knows Nigeria’s precise petrol consumption. We spend about $600 million monthly on fuel importation,” Edun said.

He added that the challenge is not just about Nigeria but also about subsidizing fuel for neighboring countries, including those in Central Africa, the West, and the North. “The real question is how long we want to continue this practice,” he said.

Addressing why measures were not taken to prevent subsidized fuel from reaching other countries, Edun stated that it would necessitate closing the borders. “To stop this, we would need to block our borders,” he concluded.

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