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Petrol imports dropped by 3.58bn litres after subsidy removal – NBS

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The National Bureau of Statistics has stated that Nigeria recorded a reduction in petrol importation following the removal of fuel subsidy by President Bola Tinubu in May 2023.

It also said the total of fuel imports reduced to 20.30 billion litres in 2023 from the 23.54 billion litres recorded in 2022, showing a decrease of 13.77 per cent year-on-year.

It disclosed this in the latest petroleum products distribution statistics released by the agency on Tuesday, as it noted that petrol imports dropped by 3.58 billion litres in the second half of 2023 compared to the year’s first half.

It said the country imported 8.36 billion litres of Premium Motor Spirit (petrol) in H2 (first half) of 2023, a significant decrease from the 11.94 billion litres imported in H1 2023, marking a 29.99 per cent reduction.

It said, “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.

“In terms of imported products, 20.30 billion litres of Premium Motor Spirit were imported in 2023 relative to 23.54 billion litres in 2022, showing a decrease of 13.77 per cent. This downward trend is even more notable when compared to H2 2022.

READ  BREAKING: Fuel subsidy is gone, says Tinubu

“In the latter half of 2022, petrol imports stood at 11.98 billion litres, resulting in a 30.22 per cent drop when compared to H2 2023, equivalent to a reduction of 3.62 billion litres.”

A breakdown for the monthly volume of fuel imports in 2023 showed that 2.09 billion was brought in January, reduced to 1.99 billion in February, increased to 2.29 billion in March, 1.91 billion in April, and 2.01 billion in May.

It was 1.64 billion in June, 1.45 billion in July, 1.09 billion in August, 1.21 billion in September, 1.16 billion in October, 1.55 billion in November and 1.88 billion in December.

These figures highlight the impact of the subsidy removal on the volume of petrol imported into the country.

Similarly, the bureau stated that the volume of Automotive Gas Oil, also known as diesel imported into Nigeria, rose to 4.94 billion litres in 2023 from four billion litres in 2022.

The statistics also showed that 109.39 million litres of AGO was locally produced in 2023, representing a 6.76 per cent rise from 102.47 million litres produced in 2022.

“About 69.71 million litres of Household Kerosene were locally produced in 2023 compared to 44.68 million litres in 2022, indicating a growth rate of 56.02 per cent over the period.

READ  NLC reacts to petrol price hike, says Nigerians are being punished unnecessarily

“For Automotive Gas Oil, 109.39 million litres were locally produced in 2023, when compared to 102.47 million litres reported in 2022. This represents a 6.76 per cent growth rate.

“Also, 4.94 billion litres of Automotive Gas Oil were imported in 2023, indicating an increase of 23.66 per cent compared to four billion litres in the previous year,” It added.

Upon assumption of office on May 29, President Tinubu during his inauguration speech announced a total removal of subsidy on petrol price.

Shortly after, fuel prices soared across Nigeria, with some stations selling PMS at prices as high as N700 per litre.

According to the 2023 full-year foreign trade data, Nigeria’s spending on fuel import decreased by approximately 2.6 per cent, from N7.7tn in 2022 to N7.5tn in 2023.

In terms of semi-annual comparison, the country incurred N3.5tn in fuel importation costs in the second half of 2023, representing a 10.26 per cent decrease compared to the N3.9tn recorded in the first half of the year.

Also, in the first six months of 2024, the country’s petrol import bill stood at N5.8tn.

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When compared to the same period of 2023, the country’s petrol import bill increased by 87.09 per cent from N3.1tn

The Minister of Information, Idris Mohammed, earlier said that Nigeria’s domestic consumption dropped by 50 per cent from two billion litres following the removal of fuel subsidy.

Mohammed said that the decline in importation suggests that these imports are being redirected to destinations other than Nigeria.

The subsidy removal has sparked significant controversy. While the government argues that it was necessary to allocate resources to essential sectors like healthcare, education, and infrastructure, economists contend that it unfairly impacts lower-income Nigerians.

Many have voiced concerns over the sharp increase in living costs due to rising fuel prices.

Additionally, there is ongoing debate about whether the subsidy has truly been abolished, as reports indicate that the Nigerian National Petroleum Company Limited may still be incurring costs related to fuel imports.

The situation escalated when it was revealed that the NNPC sought financial assistance from the federal government for fuel import costs, despite the subsidy removal.

This has raised doubts about the transparency of the government’s subsidy policy and the effectiveness of its implementation.

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Good morning! Here Are Some Major News Headlines In The Newspapers Today: Five found dead in Edo as police begin probe into suspected food poisoning

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1. The Police in Edo State have confirmed the death of five and the arrest of one person in connection with food poisoning at Afashio-Uzairue in Etsako West Local Government Area. Edo Police Public Relations Officer (PPRO), Moses Yamu, a Superintendent of Police (SP), said the food poisoning occurred on October 26, causing panic among residents.

 

2. Oyo State Police Command has confirmed 10 persons dead and eight others injured when a building collapsed in Jegede, Ibadan, the Oyo state capital. Oyo Police spokesman, Adewale Osifeso made this known in a statement.

 

3. The National Economic Council (NEC) has recommended the withdrawal of the Tax Reforms Bill from the National Assembly to President Bola Tinubu to allow for wider consultations. Disclosing this to journalists at the end of the 145th NEC meeting at the State House, Abuja, Oyo State Governor, Seyi Makinde, said this formed part of resolutions reached at the meeting.

READ  Kumuyi breaks silence on relocation rumours

 

4. Minister of Works, David Umahi, has said he will take the responsibility for any poorly constructed roads in the country under the current administration. Umahi explained that the federal government had no excuse not to finish the road projects embarked upon, noting that the ministry was not afraid to wield the ‘big stick’ by terminating the contracts of any erring companies.

 

5. The National Economic Council (NEC), on Thursday, disclosed that about 34 states, 217 local government areas were affected by the recent flooding in the country, adding that 321 persons also lost their lives. The Council also said 1,374,557 persons were affected, 740,743 displaced nationwide while 2,854 persons were injured and 281,000 houses, 258,000 cultivated farmlands were also destroyed by the ravaging flood.

 

6. The Economic and Financial Crimes Commission (EFCC) says a former minister of humanitarian affairs and poverty alleviation, Betta Edu, is still under the investigation of the anti-graft agency despite permanently exiting the cabinet of President Bola Tinubu.

READ  BREAKING: Fuel subsidy is gone, says Tinubu

 

7. Governors of the 36 states of the federation have expressed dismay over the lingering crisis in the petroleum industry, saying it is shameful that despite being a member of the Organisation of Petroleum Exporting Countries (OPEC), Nigeria still imports petrol. Chairman of the Progressive Governors Forum and Imo State governor, Hope Uzodinma, made the expression while briefing newsmen in Abuja.

 

8. The Nigerian Safety Investigation Bureau found the wreckage of the helicopter that crashed last Thursday into the Atlantic Ocean while conveying workers of the Nigerian National Petroleum Limited from Port Harcourt. This was contained in a statement issued by the Director of Public Affairs and Family Assistance, Mrs Bimbo Oladeji, on Thursday.

 

9. The Commissioner of Police in Abia State, CP Danladi Isa, on Thursday, confirmed the death of an employee of a new generation bank identified as Mr. Victor Udensi and two others in Umuahia, assuring that the perpetrators would soon be brought to book.

READ  NLC reacts to petrol price hike, says Nigerians are being punished unnecessarily

 

10. No fewer than 15 people were reportedly killed in a renewed attack by gunmen suspected to be armed herders at Anyiin in Logo Local Government Area of Benue State. The attackers were reported to have invaded the town on Wednesday around 6:32 pm killing people.

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  Police detain VeryDarkMan after honouring invitation

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Deji Adeyanju, the Nigerian lawyer, says the police have detained VeryDarkMan, the social media critic.

 

In a Twitter post on Thursday evening, the lawyer said the activist, born Martins Otse, was detained after honouring the police invitation.

 

Adeyanju lamented that his client was taken into custody despite cooperating with the police authorities.

 

“Our client, VDM has been detained after honouring police invitation just like yesterday. VDM who has been consistent in saying the Nigerian Police are our friends even when we all know they are not,” the tweet reads.

 

The development comes after VeryDarkMan shared a video of himself in a matching suit. In the footage, he said he was heading to the police station in Abuja to respond to the invitation.

 

Trouble began when VeryDarkMan wore a police uniform and introduced himself as the “chief superintendent of police (CSP) of the online division”.

 

The police said it would launch an investigation to determine the source of the police gear used and the authority under which the activist acted.

READ  Queues return to Lagos, Abuja after Tinubu’s petrol subsidy removal speech (PHOTOS)

 

VeryDarkMan would later apologise to the police while emphasizing that he didn’t intend to impersonate the law enforcement agency.

 

The fitness expert had also revealed that he returned from the police station where he was interrogated based on the controversial footage.

 

The police have yet to confirm VeryDarkMan’s detention or provide further details.

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We secured over 3,000 convictions, recovered N248bn, $105m in one year – EFCC

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The Economic and Financial Crimes Commission (EFCC) says it recovered over N248 billion, $105 million, and secured 3455 convictions in one year.

Ola Olukoyede, chairman of EFCC, spoke in Abuja on Thursday during a press conference to mark his one year in office.

 

Represented by Wilson Uwujaren, EFCC’s director of public affairs, Olukoyede said the achievements were recorded between October 18, 2023, and October 18, 2024, when he assumed office.

 

“The commission within the year recovered N248, 750,049,365.52; $105,423,190.39; £53,133.64; €172,547.10; T1,300.00 Indian rupees and CAD $3,400.00 Canadian dollars,” he said.

 

“It also recovered ¥74,859:00 Chinese Yuan; AUS $ 740:00 Australian Dollars; 170:00 UAE Dirham; 73,000:00 Korean Won; CFA 7,821,375:00 and R 50:00 South Africa Rands.

 

“On asset recovery and return, the EFCC on Sept. 6 handed over to the Royal Canadian Mounted Police (RCMP) the sum of $180,300 and 53 vehicles, being assets recovered for Canadian victims of Nigerian fraudsters.”

READ  Petrol subsidy entirely removed: NNPC denies dispute with marketers

 

The EFCC chairman said $164,000 of the recovered cash assets was from one Elena Bogomas, while $16,300 belonged to another victim, known as Sandra Butler.

 

He added that about 53 vehicles recovered “were stolen over a period of time in Canada, freighted to Nigeria, and distributed to multiple locations in Nigeria by the criminal elements”.

 

He said the commission charged four former governors to court over corruption allegations in the past year.

 

The former governors are Yahaya Bello, Abdulfatah Ahmed, Willie Obiano, and Darius Ishaku.

 

Olukoyede said the commission also arrested two former ministers of power, Saleh Mamman and Olu Agunloye, who are currently facing prosecution.

 

“Also, a former minister of aviation, Hadi Sirika, is currently standing trial before two different courts: Justice S.B. Belgore of the FCT high court, Garki, and Justice Sylvanus Oriji of the FCT high court, Maitama,” he said.

 

He said Sirika is being prosecuted alongside his brother, Ahmad Sirika, and two companies, Enginos Nigeria Limited and Samahah Integrated Investment Limited, on 10 counts bordering on alleged N5.8 billion fraud.

READ  Subsidy Removal: Emulate Kwara and Edo, Falana urges LGs, state Govts to provide palliatives

 

He added that the former minister is also standing trial for six counts alongside Fatima Sirika, Jalal Hamma, and Al Buraq Global Investment Limited over alleged N2.8 billion fraud.

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