FG spent N2.4tr on fuels, lubricants importation in 2016

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According to the National Bureau of Statistics (NBS), the Federal Government spent N2.4 trillion on the importation of fuels and lubricants in 2016, The Guardian reports.

The agency in its fourth quarter (Q4) foreign and merchandise trade statistics released at the weekend, disclosed that about 18.4 per cent of the total cost was used for the importation of Premium Motor Spirit (PMS) during the year under review.

On a quarterly basis Nigeria spent N699.2 billion for the importation of fuels and lubricants, which if retained in the country, could build institutions that would provide jobs for graduates.

The bureau’s further disaggregation of fuels and lubricants revealed that Premium Motor Spirit dominated fuel and lubricants imports with 20.2 per cent or N469.2 billion, while other fuels and lubricants accounted for the balance of 9.9 per cent during the period.