In the last one year, the country has spent about N4.74tn on the importation of petroleum products, an amount that is made up of N3.4tn for the actual products and N1.34tn on logistics, The Punch reports.
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, who stated this at a press conference in Abuja on Thursday, said, “The importation of petroleum products between January and December of last year amounted to about 20 million metric tonnes. A total amount of N3.4tn was spent. “The consumption of foreign exchange from the Central Bank of Nigeria was approximately 30 per cent of the CBN’s total foreign exchange outlay, and the logistic cost of that importation was about N1.34tn within the same one year period.”
Explaining why the country must end the importation of refined petroleum products, he added, “The domestic refining capacity as of today is six million litres out of a total consumption of about 35 million litres, averaging less than 25 per cent. “In the midst of this sort of statistics, it is absolutely critical that we move in to try to end importation of products, improve our refineries and get them up to 100 per cent nameplate.”