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Nigeria: After subsidy removal, petrol imports fell by 3.58bn litres— Govt

Published

3 months ago

October 2, 2024

According to the National Bureau of Statistics, Nigeria’s petrol imports decreased after President Bola Tinubu eliminated the petrol subsidy in May 2023.

The report also stated that the total amount of petroleum imported fell by 13.77% year over year to 20.30 billion litres in 2023 from 23.54 billion litres in 2022.

The most recent figures on the agency’s distribution of petroleum products, which were made public on Tuesday, revealed this. The data showed that, in comparison to the first half of the year, petrol imports decreased by 3.58 billion litres in the second half of 2023.

According to the report, in the second half of 2023 (H2), the nation imported 8.36 billion litres of Premium Motor Spirit (petrol), a notable drop from the 11.94 billion litres imported in the first half of 2023 (29.99%).

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.

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

The petrol imports for each month in 2023 were broken down as follows: 2.09 billion in January, 1.99 billion in February, 2.29 billion in March, 1.91 billion in April, and 2.01 billion in May.

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

These numbers demonstrate how the amount of petrol brought into the nation has changed as a result of the elimination of subsidies.

In a similar vein, the agency reported that the amount of diesel, also known as automotive petrol oil, imported into Nigeria increased from four billion litres in 2022 to 4.94 billion litres in 2023.

Additionally, according to the data, local production of AGO increased to 109.39 million litres in 2023 from 102.47 million litres in 2022, a 6.76% increase.

“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.

“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.

Meanwhile, there are concerns that the NNPCL may still be paying for fuel imports after applying for financial aid from the federal government to cover the cost of petroleum imports even after the subsidies were eliminated, raising questions about whether the subsidy has been eliminated.

Related Topics:Featured Nigeria Petrol subsidy

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Moroccan annual inflation rises to 0.8% in November

Published

2 hours ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

1 day ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”