Politics
Import Costs For Post-Subsidy PMS Jump 31%, According To Latest Report
Import Costs For Post-Subsidy PMS Jump 31%, According To Latest Report....KINDLY READ THE FULL STORY HERE▶
Recent reports from the Nigeria Bureau of Statistics reveal a concerning trend in the country’s petrol importation expenditures, despite a significant reduction in consumption. In the first quarter of 2024, Nigeria spent N2.63 trillion on importing Premium Motor Spirit (PMS), marking a 31.4% increase from the previous quarter’s expenditures. This spike comes amid a nearly 50% decline in national petrol consumption……….. CONTINUE READING
The data shows that in late 2023, Nigeria imported PMS at a cost of N1.81 trillion, compared to N1.51 trillion in the same period of 2022. During the subsidy era, petrol prices ranged from N165 to N200 per litre. However, following President Bola Tinubu’s cessation of fuel subsidies in May 2023, prices surged to around N550 per litre and have since escalated further, now averaging between N600 to N700 per litre.
Minister of Information and National Orientation, Mohammed Idris, highlighted that since the subsidy removal, Nigeria’s petrol importation has halved, attributing this to reduced daily consumption figures. Despite this reduction, import costs continue to rise, driven by factors such as currency depreciation against the dollar.
In contrast, the International Monetary Fund has warned about the economic impact of implicit fuel subsidies, projecting potential costs to increase significantly in 2024. This scenario underscores ongoing concerns about the sustainability and equitable distribution of fuel-related expenditures in Nigeria’s economy.
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