Federal Character
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
Federal Character
No Result
View All Result
Home Business & Finance

Nigeria Records Significant Decline in Petrol Importation Following Subsidy Removal

Nnaemeka OkwarabyNnaemeka Okwara
October 1, 2024
in Business & Finance
0
Nigeria Records Significant Decline in Petrol Importation Following Subsidy Removal
Share on FacebookShare on TwitterShare on Whatsapp

Nigeria has witnessed a substantial decrease in petrol imports after President Bola Tinubu decided to end fuel subsidies in May 2023. According to the latest report from the National Bureau of Statistics (NBS), petrol imports fell by 29.99% from 11.94 billion litres in the first half of 2023 to 8.36 billion litres in the second half.

This drop means a reduction of 3.58 billion litres and a 30.22% decrease compared to the same period in 2022, when imports were 11.98 billion litres. For the whole year of 2023, total petrol imports were 20.30 billion litres, which is 13.77% less than in 2022.

 

The removal of fuel subsidies caused fuel prices to go up, with some stations selling petrol for N700 per litre. However, despite the higher prices, Nigeria’s spending on fuel imports decreased by 2.6% from N7.7 trillion in 2022 to N7.5 trillion in 2023. In the second half of 2023, the cost of fuel imports was N3.5 trillion, which is 10.26% less than the same period in 2022.

In the first half of 2024, the country’s spending on imported petrol jumped to N5.8 trillion, which is an 87.09% rise from N3.1 trillion during the same time in 2023. This big increase is due to higher oil prices and a weaker naira.

Idris Mohammed, the Minister of Information, mentioned that Nigeria’s use of petrol at home fell by 50% after the subsidy was removed, implying that the imported petrol is being sent to other places.

Tags: federal characterImportationNewsNigeriaNigeria Records Significant Decline in Petrol Importation Following Subsidy RemovalpetrolRemovalsubsidy
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

Related Posts

Will the Dangote Refinery Deadlock Worsen Nigeria's Economic Crisis?
Business & Finance

Will the Dangote Refinery Deadlock Worsen Nigeria’s Economic Crisis?

September 30, 2025
September Surrender: Naira Kneels as Dollar, Euro, Pound Dance on Its Weakness
Business & Finance

September Surrender: Naira Kneels as Dollar, Euro, Pound Dance on Its Weakness

September 29, 2025
TUC to Dangote: No Company Is Above Nigerian Workers’ Rights
Business & Finance

TUC to Dangote: No Company Is Above Nigerian Workers’ Rights

September 28, 2025
Next Post
Irate Youths Attack Yoruba Community In Kaduna State

Irate Youths Attack Yoruba Community In Kaduna State

Independence: Nigeria Must Address Ritual Killings and Insecurity – Oluwo

Independence: Nigeria Must Address Ritual Killings and Insecurity - Oluwo

“EndBadGovernance” Protest Holds in Ibadan, Nigeria

"EndBadGovernance" Protest Holds in Ibadan, Nigeria

Leave a Reply Cancel reply

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

Recommended

Peter Obi Urges Immediate Action on Insecurity and Calls for Nnamdi Kanu’s Release

Peter Obi Urges Immediate Action on Insecurity and Calls for Nnamdi Kanu’s Release

1 year ago
INEC Spurns Abure As Labour Party’s National Chairman

INEC Spurns Abure As Labour Party’s National Chairman

1 year ago
Tacha Flaunts New UK Home, Promises Exciting Contents

Tacha Flaunts New UK Home, Promises Exciting Contents

7 months ago
PSG to Rival Chelsea for Fofana.

PSG to Rival Chelsea for Fofana.

3 years ago

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

Topics

2023 Aboki/Bureau De Change (BDC) apc Arsenal buhari Business cbn chelsea china court Davido Dollar Efcc Election Entertainment Euro and Pounds To Naira Exchange Rate For Today exchange rates for the Nigerian Naira (NGN) Fashion federal character federal government Finance food Football Foreign News government health inec Israel lagos Manchester United Naira Naira Black Market exchange rates News Nigeria pdp police Politics president protest Russia Sports tinubu trump ukraine US
No Result
View All Result

Highlights

Why Did Nigeria’s Shea Nut Export Ban Backfire on the Women It Was Meant to Help?

Nicole Kidman and Keith Urban: What Really Went Wrong After 19 Years?

A Legal Hurdle or Tactical Delay? Why Sowore’s Arraignment Stalled

Why Did the Presidency Cancel the Independence Day Parade? Nigerians Demand Answers

Will the Dangote Refinery Deadlock Worsen Nigeria’s Economic Crisis?

Greene Turtle Ban Exposes Baltimore’s Lazy Fix to a Bigger Problem

Trending

Oritse Femi Celebrates Birth of Grandchild
Entertainment

Oritse Femi Celebrates Birth of Grandchild

byAyobami Owolabi
October 1, 2025
0

Nigerian singer-songwriter Oritse Femi is celebrating a special family milestone as he welcomes his grandchild. The proud...

Minaj and Cardi B Reignite Their Bitter Feud

Minaj and Cardi B Reignite Their Bitter Feud

October 1, 2025
Chelsea Secure a Narrow win against Mourinho's Benfica for First UCL Win; Liverpool Stunned by Osimhen

Chelsea Secure a Narrow win against Mourinho’s Benfica for First UCL Win; Liverpool Stunned by Osimhen

October 1, 2025
Why Did Nigeria's Shea Nut Export Ban Backfire on the Women It Was Meant to Help?

Why Did Nigeria’s Shea Nut Export Ban Backfire on the Women It Was Meant to Help?

September 30, 2025
Nicole Kidman and Keith Urban: What Really Went Wrong After 19 Years?

Nicole Kidman and Keith Urban: What Really Went Wrong After 19 Years?

September 30, 2025

We launched Federal Character in February 2021 based on the belief that the world is in need of smarter and more efficient reporting of events shaping our rapidly changing world. We pledged to put our audience first, always.

Recent News

  • Oritse Femi Celebrates Birth of Grandchild
  • Minaj and Cardi B Reignite Their Bitter Feud
  • Chelsea Secure a Narrow win against Mourinho’s Benfica for First UCL Win; Liverpool Stunned by Osimhen

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

© 2024 FederalCharacter.com

No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion

© 2024 Federalcharacter.com