Metro

Nigerian Govt spends $600m on fuel importation monthly, Minister reveals

Published

5 months ago

August 7, 2024

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has revealed that despite the removal of fuel subsidy by President Bola Tinubu, the country still spends $600m on fuel importation monthly.

Edun, who stated this during a television interview programme on Wednesday, stated that the high import bill was due to neighbouring countries benefiting from the country’s fuel imports.

Explaining that the situation was one of the reasons President Tinubu removed fuel subsidy in his inaugural speech on May 29, 2023, confessed that the country did not know the exact amount of fuel consumed internally even as a recent report by the National Bureau of Statistics (NBS) said the country’s petrol import was reduced to an average of one billion litres monthly after the removal of fuel subsidy.

“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,” Edun said.

“Another point that I think is important is that nobody knows the consumption in Nigeria of petroleum. We know we spend $600m to import fuel every month but the issue here is that all the neighbouring countries are benefitting.

“So we are buying not for just for Nigeria, we are buying for countries to the east, almost as far as Central Africa. We are buying. We are buying for countries to the North and we are buying for countries to the West. And so we have to ask ourselves as Nigerians, how long do we want to do that for and that is the key issue regarding the issue of petroleum pricing.”

The Minister also noted that Nigeria must take a decisive step to tackle step the problem as it impedes it’s economic growth.

“Of great importance to the government is the welfare of the people, particularly the vulnerable. One of the key areas of focus is ensuring food availability and affordability.”

Edun also clarified that the N570bn fund release to state governments was implemented last year December.

“This actually refers to a reimbursement that they received from December last year onwards and it was a reimbursement I think under the COVID financing protocol but the point is that the states have received more money. They have received more money. Mr President has charged to ensure food production in the states.”

He stated that the recent decision to raise the maximum borrowing percentage in the Ways and Means from five to 10 per cent does not imply that the Federal Government tends to rely on the Central Bank of Nigeria financing.

“We have not gone to the central bank to say, please lend the government money to pay its debt, to pay its salaries. That’s Ways and Means. We have not gone. In fact, we have used market instruments to pay down what we owed, and that is a very, very germane aspect of having a strong economy.

“It was raised to 10 per cent, but that doesn’t mean it will be used. It’s there as a fail-safe and just gives that extra flexibility so that if a payment needs to be made and there is a mistiming or gap in when revenue would come in and expenses, we can just draw it down briefly.”

Related Topics:Featured Nigeria Petroleum Subsidy Wale Edun

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Metro

Zambia: Expert warns of food security threat due to climate change

Published

6 hours ago

December 22, 2024

Isaac Dachen

A prominent Zambian climate-smart agriculture expert, Oliver Bulaya, has warned of a collapse of the county’s agricultural sector with a potential threat to food security due to the worsening impact of climate change.

Bulaya, who bared his mind in an interview with Zambia Monitor on Friday, warned that ignoring the crisis could lead to severe disruptions in the country’s food supply and economy.

“Unless concerted efforts are made, the country will continue facing dire consequences from climate change,” the expert noted.

He lamented a growing trend of farmers relocating to regions experiencing above-normal rainfall, such as the northern block, as they struggle with losses caused by climate variability.

Bulaya emphasized that the once-reliable rainfall areas like North-Western Zambia are now experiencing lower precipitation, as seen during the 2023/2024 farming season and cautioned that poor farming practices, which had already strained the Southern region, could lead to similar challenges in other parts of the country if proactive measures were not implemented.

Metro

Outrage over murder of Nigerian beaten to death by South Africans inside estate security office

Published

11 hours ago

December 22, 2024

Isaac Dachen

The Nigerian community, under the auspices of Nigerian Citizens Association in South Africa (NICASA), has raised the alarm over the murder of a 37-year-old Nigerian, Julius Chukwunta, who was beaten to death by four South Africans inside an estate.

According to the association, Chukwunta, a native of Aninri Local Government Area in Enugu State, was reportedly attacked on Saturday, December 7, while driving to his residence in Midrand Protea Estate.

In a statement issued on Saturday by the President-General of NICASA, Dr Frank Onyekwelu, Chukwunta was blocked by the four men while approaching his residence.

Onyekwelu stated that information available to the association noted that after attempting to pass through, Chukwunta was met with resistance by the assailants, prompting him to seek help at the security office of the estate.

“At that moment, the four men allegedly attacked him, leaving him severely injured with a head wound,” the PG said.

“His female companion, who was sitting in the car, rushed to the security office and discovered him bleeding on the ground.

“In spite of attempts to call for help, the security office and residents did not assist in calling the police or an ambulance.

“After an hour, Chukwunta’s partner contacted her father, who, along with other family members, took him to Tembisa General Hospital.

“Chukwunta was placed on life support but later succumbed to his injuries and died at the Tembisa General Hospital on December 10, 2024.”

Onyekwelu also confirmed that the case was reported to the police by Chukwunta’s partner at the Midrand Police Station and was registered under file number 262/12/2024.

The NICASA President said the four suspects, aged 20, 24, 27, and 28, were arrested, and the case was presented in Alexandra Magistrate Court on December 13, 2024, where they were charged with murder.

“The court proceedings on December 18, 2024, saw three of the suspects granted bail of R10,000 each, while the fourth had not yet applied for bail. The case was adjourned to February 3, 2025.”

Onyekwelu however, expressed disappointment at the proceedings, wondering why three of the suspects were released on bail and vowed that the Nigerian community would continue to demand justice for Chukwunta and support his family.

He emphasised that the community would not rest until justice was served and the value of Nigerian lives was upheld in South Africa.