FG Spends $600m on Fuel Importation Monthly – Finance Minister, Wale Edun
Nigeria pays $600 million each month on fuel imports, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has revealed. According to him, the expenditure is partly because neighbouring countries, extending to Central Africa, are benefiting from these fuel imports.
Speaking during an interview on AIT’s ‘Moneyline with Nancy’, which was shared on the station’s YouTube channel on Wednesday, Edun explained that this situation prompted President Bola Tinubu to eliminate the fuel subsidy, as the country lacked precise data on its domestic fuel consumption.
He said: “The fuel subsidy was removed May 29, 2023, by Mr President, and at that time, the poorest of 40 per cent was only getting four per cent of the value, and basically, they were not benefitting at all. So it was going to be just a few.
Speaking during an interview on AIT’s ‘Moneyline with Nancy’, which was shared on the station’s YouTube channel on Wednesday, Edun explained that this situation prompted President Bola Tinubu to eliminate the fuel subsidy, as the country lacked precise data on its domestic fuel consumption.
He said: “The fuel subsidy was removed May 29, 2023, by Mr President, and at that time, the poorest of 40 per cent was only getting four per cent of the value, and basically, they were not benefitting at all. So it was going to be just a few.
