Nigeria spends $600 million monthly on fuel importation, says Finance Minister Wale Edun.
Gatekeepers News reports that he attributed the high cost to neighbouring countries benefiting from Nigeria’s fuel imports.
Edun explained that the situation led President Bola Tinubu to remove fuel subsidies, as the country couldn’t track internal fuel consumption.
He stated, “We spend $600 million to import fuel every month, but the issue is that all neighboring countries are benefiting… We are buying for countries to the east, almost as far as Central Africa.”
Edun emphasised the need for decisive action to address the issue, which hinders economic growth. He highlighted the government’s focus on welfare, particularly ensuring food availability and affordability.
The minister also clarified recent financial decisions, including a fund release to state governments and a raise in the maximum borrowing percentage.
