Nigeria spent N958.3 billion importing Premium Motor Spirit (PMS), also known as petrol, in five months, of which, the amount could build five 20,000-barrels-per-day mini refineries, The Guardian reports.
The new petrol imports, according to the National Bureau of Statistics (NBS), represents more than 120% increase five months earlier and an increase of more that N80 billion within the same period last year. The NBS stated that the Federal Government’s imports of PMS between January and April this year was N431.6 billion and that the country had imported about N874 billion worth of petroleum products during the same period in 2015.
NBS’ data showed that Nigeria imported about N254.6 billion worth of Automotive Gas Oil (AGO) in the same period compared to N118.7 billion products in the previous quarter. The value of imported Household Kerosene (HKK) also increased from N20.2 billion to N25.5 billion in the current period under review.
The rising fuel imports had put additional pressure on the country’s foreign reserves and contributed to the worsening economic situation. Government has been unable to fix the nation’s refineries, forcing the country to rely on importation for about 95% of its fuel consumption needs.