Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, revealed that Nigeria currently allocates $600 million each month for fuel imports. This significant expense is partly due to neighboring countries, extending to Central Africa, benefiting from Nigeria’s fuel imports.
Edun discussed this issue during an interview on AIT’s Moneyline program, which was uploaded to YouTube on Wednesday. He highlighted that the high cost of fuel imports influenced President Bola Tinubu’s decision to remove the fuel subsidy, given the lack of accurate data on domestic fuel consumption.
According to a report by the National Bureau of Statistics, Nigeria’s petrol imports averaged one billion liters monthly after the subsidy removal on May 29 last year. Edun explained, “The fuel subsidy was removed on May 29, 2023, by Mr. President. At that time, the poorest 40 percent of the population received only four percent of the subsidy’s value, meaning they were not benefiting at all. The subsidy was benefiting only a few.”
Edun further noted that the actual fuel consumption in Nigeria is unknown. “We know we spend $600 million on fuel imports every month, but the challenge is that neighboring countries are also benefiting. We are essentially buying fuel for countries to the east, almost as far as Central Africa, to the north, and to the west. We need to ask ourselves as Nigerians how long we want to continue this.”
He emphasized that the current administration prioritizes the welfare of Nigerians, particularly in ensuring the availability and affordability of food.
