Petrol importation gulps N16.9tn under Buhari – Report

Joy Onuorah
Joy Onuorah

Despite the promise to put an end to the importation of petrol, no less than N16.9 trillion has been spent on importing fuel by the President, Major General Muhammadu Buhari’s (retd), regime.

This was contained in data from the National Bureau of Statistics and the Nigerian National Petroleum Company Limited.

Since the present administration took office, Nigeria has relied heavily on imported gasoline, the report added.

According to the report, Buhari’s regime supposedly began importing gasoline around June 2015 after taking office on May 29, 2015.

According to data on petroleum imports received by a correspondent from Kaftan Post, Nigeria purchased 9.47 billion liters of gasoline worth N1.05 trillion between June and December 2015.

According to data from the NBS, 18.81 billion liters of gasoline worth N2.01 trillion were imported into Nigeria in 2016.

12.97 billion liters of gasoline, worth approximately N1.58 trillion, were imported into Nigeria overall in 2017 through the NNPC’s Direct Sale Direct Purchase program.

Under the DSDP program, specific foreign refiners, trading firms, and domestic firms are given access to crude supplies in exchange for delivering to the NNPC an equivalent amount of gasoline and other refined goods.

In its statistics, NNPC said 18.83 billion liters of gasoline were imported through the DSDP program in 2018. According to NNPC figures, the commodity was worth approximately N2.31 trillion.

Additionally, through its DSDP program, the oil corporation imported 16.63 billion liters of gasoline in 2019. In that year, imported PMS cost roughly N2.4 trillion.

The NNPC bought 16.72 billion litres of PMS under the DSDP program, which will be worth around N1.86 trillion in 2020.

Information provided by the NNPC in October of this year, also revealed that 16.46 billion liters of gasoline will be imported into the nation between January and August of 2022.

The corporation also disclosed that the expected amount of gasoline imports for 2021 was 22.35 billion liters, or an average supply of 61 million liters per day.

Considering the N147/litre pricing of the product as sold at NNPC-approved depots, the firm spent almost N2.41 trillion for PMS imports in January.

Based on the 22.35 billion litres it imported in the previous year, it also spent over N3.28 trillion to import the good in 2021.

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