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Subsidy Hits 45% Of Fuel Import Bill In Q1
The National Bureau of Statistics has disclosed that Nigeria spent N1.51 trillion on the imports of premium motor spirit, also known as petrol, in the first quarter of 2022. This was 25.54 percent of the total imports for this quarter, and an increase of 17.05 percent when compared to the N1.29tn spent on importing fuel…
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Nigeria Spent $1.04bn On Fuel Imports In 2021
According to data obtained from the Central Bank of Nigeria,foreign exchange used for the importation of petroleum products into Nigeria fell to $1.04bn last year from $1.32bn in 2020. Fuel imports remain a major user of foreign exchange, even as many businesses still lament the inability to access forex at the official rate and the…
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Fuel Imports Gulp $690m In Eight Months
Latest data from the Central Bank of Nigeria has shown that the foreign exchange used for fuel imports from January to August in 2021 fell by 34.79 percent from $930.31m in the same period of 2020. This development is coming despite the idleness of the refineries to produce fuel and forex scarcity in the country…