NewStats: 3,262,372 , 8,176,952 topics. Date: Monday, 02 June 2025 at 03:28 AM 693r2p

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 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 of imported products, 20.30 billion litres of 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 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.

“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 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.

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


The significant increase in petrol imports can be attributed to high crude oil prices coupled with a weakened naira.

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.

https://punchng.com/petrol-imports-dropped-by-3-58bn-litres-after-subsidy-removal-fg/

Tinubu's ers don't know when to say the truth anymore.

They must feel being truthful may bring shame. But shame is better than being a devil incarnate.

This is a good report by NBS. It shows that the fuel subsidy removal is achieving the desired effect of reducing fuel imports and associated costs.

Kedu

From subsidy is gone to paying...to then there's subsidy by CBN...then saving trillions... to Dangote saying subsidy needs to go to now cos of subsidy remover they have lower percentage of importation... what a government!!!

LAMBA

Lol. Are we back to this again? Abeg make una go pay NNPC their shortfall.

Smuggler's will change business

How many people dy on Gen this days or put better fuel for car. Nonsense Govt

Believe this government at your own peril

Lie Muhammed pipu

We are gradually drifting to what Obi's concern sometime ago. The number of consumers in Nigeria is grossly and fraudulently inflated.

Yet fuel is N1200 per litre

Anither563:
This is a good report by NBS. It shows that the fuel subsidy removal is achieving the desired effect of reducing fuel imports and associated costs.

if NNPC is still importing fuel with dangote producing fuel which it says can satisfy the needs of the whole country, is it removal of fuel subsidy that will reduce fuel import by nnpc?

id4sho:
Smuggler's will change business

which smugglers?

Dis new petrol wey dem dey sell now... Dey quickly dry up oh.... Abeg she na only me dey notice am?

lexy2014:


which smugglers?

Cross border

Noted.

id4sho:

Cross border

are all smugglers not cross border smugglers?

Toh

Ok na

lexy2014:


are all smugglers not cross border smugglers?

You know this , why asking me

yes something does not make sense. is that why we have long queues

ajebuter:
Believe this government at your own peril

Lie Muhammed pipu

What is the benefit

Anither563:
This is a good report by NBS. It shows that the fuel subsidy removal is achieving the desired effect of reducing fuel imports and associated costs.

that report is mischievous at best. Did it also highlight the reduced purchasing ability of Nigerians to buy fuel?

The subsidy removal was a necessary evil.

FG NOT MEAN FEDERAL GOVERNMENT,BUT FAILED GOVERNMENT,CALLED FG

We will get there.

My question is, why is the dollar still rising despite the shortfall in the demand for it?

Nigeria demand and supply system defys the natural laws of demand and supply

Darlingjay1:


https://punchng.com/petrol-imports-dropped-by-3-58bn-litres-after-subsidy-removal-fg/

what of shortfall??