The National Bureau of Statistics, NBS, has revealed a reduction in Nigeria’s petrol imports following the removal of the fuel subsidy by President Bola Tinubu in May 2023.
According to the NBS, fuel imports dropped to 20.30 billion litres in 2023, a 13.77 per cent decrease compared to the 23.54 billion litres recorded in 2022.
This data was disclosed in the latest petroleum products distribution statistics released by the agency on Tuesday.
The report highlighted that Nigeria imported 8.36 billion litres of petrol in the second half of 2023, marking a significant reduction from the 11.94 billion litres imported in the first half of the year, representing a 29.99 per cent drop.
“In 2023, PMS truck out stood at 20.22 billion litres, indicating a 16.96 per cent decrease relative to 24.35 billion litres recorded in 2022,” the report stated.
Furthermore, the importation of diesel (Automotive Gas Oil) increased by 23.66 per cent, rising from four billion litres in 2022 to 4.94 billion litres in 2023.
The NBS also reported a rise in the local production of diesel and kerosene, with 109.39 million litres of diesel and 69.71 million litres of kerosene produced in 2023.
The fuel subsidy removal has led to a rise in petrol prices across the country, with prices soaring as high as N700 per litre in some areas.
Despite the government’s defence of the subsidy removal, many Nigerians continue to face rising fuel prices, which has unavoidably led to the increase in the cost of basic goods and services.
Minister of Information, Idris Mohammed, stated that domestic fuel consumption had dropped by 50 per cent since the subsidy removal, suggesting that importation is being redirected elsewhere.
The government’s decision to remove the subsidy has sparked debate, with critics arguing that it disproportionately affects lower-income Nigerians, while supporters believe it allows the government to allocate resources to essential sectors such as healthcare and education.
Additionally, there are concerns that the Nigerian National Petroleum Company Limited (NNPCL) may still be incurring costs related to fuel imports despite the subsidy removal.
Reports of the NNPC seeking financial assistance from the federal government for import costs have raised questions about the transparency of the government’s subsidy policy.
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