RateCaptain
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
RateCaptain
No Result
View All Result
Home Business

Subsidy hits 45% of fuel import bill in Q1 – NBS report

Rate Captain by Rate Captain
June 7, 2022
in Business, Economics
Reading Time: 2 mins read
A A
0
Subsidy hits 45% of fuel import bill in Q1 – NBS report
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The National Bureau of Statistics has disclosed that Nigeria spent N1.51tn on the imports of premium motor spirit, also known as petrol, in the first quarter of 2022.

This was 25.54 per cent of the total imports for this quarter, and an increase of 17.05 per cent when compared to the N1.29tn spent on importing fuel in Q1 2021.

AlsoRead

IMF- Global Economy growth is expected to be slow in 2023

FCTA bans POS operators from residential areas

Breaking: Nigeria’s Inflation surprisingly plunged to 21.34% in December 2022

The PMS import, as usual, tops the list of imported products for this quarter.

This was disclosed in the Foreign Trade in Goods Statistics report of the NBS.

Figures from the Nigerian National Petroleum Company Limited showed that the oil firm spent N210.38bn, N219.78bn, and N245.77bn as subsidy on petrol in January, February, and March 2022 respectively.

This means that a total of N675.93bn was spent on fuel subsidy in Q1 2022.

The amount spent on fuel subsidy is 44.86 per cent of the amount spent on fuel import.

The  earlier reported that the amount spent on fuel subsidy monthly rose from N60.39bn in March 2021 to N245.77bn in March 2022, indicating an increase of 306.97 per cent.

Despite the increasing cost of the fuel subsidy, Nigerians still suffered a hike in the cost of transportation.

Economic and energy experts have continued to decry the rising cost of fuel subsidy to the Federal Government.

The World Bank and the International Monetary Fund have decried the Federal Government’s huge spending on petrol subsidy, urging the government to end the regime.

The World Bank, in its Africa’s Pulse report, said increasing fuel subsidy puts the Nigerian economy at a high risk as subsidy payments could significantly impact public finance and pose debt sustainability concerns.

Although the Federal Government had planned to stop paying fuel subsidy by June 2022, the government eventually backtracked on the plan.

However, in January this year, the Federal Government decided to retain the controversial fuel subsidy for another 18 months following threats of protests by the Nigerian Labour Congress and other interest groups.

Previous Post

Nigerian startup, Klasha raises $2.1 million to improve cross-border commerce in Africa

Next Post

DMO offers June 2022 FGN savings bond for subscription

Related News

IMF- Global Economy growth is expected to be slow in 2023

IMF- Global Economy growth is expected to be slow in 2023

by Rate Captain
February 1, 2023
0

The International Monetary Fund on Monday 31 January 2023 published its latest economic growth projections for 2023 and 2024 in...

FCTA bans POS operators from residential areas

FCTA bans POS operators from residential areas

by Rate Captain
January 27, 2023
0

The federal capital territory administration (FCTA) has ordered point of sale (POS) operators to limit their operations to commercial zones....

Nigeria’s Inflation Climbs to 19.6% in July 2022

Breaking: Nigeria’s Inflation surprisingly plunged to 21.34% in December 2022

by Rate Captain
January 16, 2023
0

The Nigeria inflation rate in December 2022 eased to 21.34% compared to November 2022 headline inflation rate which was 21.47%....

Ghana’s Inflation Rate Surges 33.9%, the highest in 21 Years

Inflation Will Defy CBN’s Monetary Policy Efforts, To Hit 21.6% – Cape

by Rate Captain
January 13, 2023
0

Cape Economic Research and Consulting has predicted a surge in Nigeria’s inflation amidst the Central Bank of Nigeria’s Monetary tightening...

Next Post
DMO offers June 2022 FGN savings bond for subscription

DMO offers June 2022 FGN savings bond for subscription

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Airtel Africa’s nine-month turnover hits $3.9billion.

Airtel Africa’s nine-month turnover hits $3.9billion.

February 3, 2023
Charges on cash transactions skyrocketed by POS agents.

Charges on cash transactions skyrocketed by POS agents.

February 3, 2023

Popular Story

  • Shell’s annual profit hits $39.9 billion.

    Shell’s annual profit hits $39.9 billion.

    0 shares
    Share 0 Tweet 0
  • Charges on cash transactions skyrocketed by POS agents.

    0 shares
    Share 0 Tweet 0
  • Airtel Africa’s nine-month turnover hits $3.9billion.

    0 shares
    Share 0 Tweet 0
  • Naira appreciates to N746/$ in the parallel market.

    0 shares
    Share 0 Tweet 0
  • MTN Nigeria Annual profit hits N361.5 billion.

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

?>