News
Nigeria’s petrol imports jump by 55%, hit N2.52tn in nine months
The cost of Premium Motor Spirit, also known as petrol, imported into Nigeria from January to September this year surged by 55.56 per cent to N2.52tn from the N1.62tn spent in the same period of 2020.
The development came amid the Federal Government’s plan to remove subsidy from petrol by February next year.
Already, oil marketers have begun plans to resume importation of the PMS as soon as the government deregulates the downstream sector of the petroleum sector in the first quarter of 2022.
Petrol’s N2.52tn import bill for the first nine months of this year is 47.37 per cent and 25.37 per cent higher than what the amount country spent on PMS imports in the whole of 2019 and 2020 respectively, data obtained from the National Bureau of Statistics show.
Buoyed by the rally in global oil prices, the jump in the country’s petrol import bill comes amid growing concerns over the shortage of foreign exchange in the country.
Nigeria relies wholly on imports to meet its fuel needs as its refineries have remained in a state of disrepair for many years despite several reported repairs.
The country spent N2.01tn on petrol imports in 2020, compared to N1.71tn in the previous year.
Petrol imports gobbled up N1.05tn in the third quarter of this year, up from N782.46bn in Q2 and N687.74bn in Q1, according to the NBS data.
The data also showed that petrol topped the list of products imported into the country in Q3, accounting for 12.52 per cent of the total amount spent on imported products, up from 11.26 per cent in the previous quarter.
It was reported on Tuesday that the Nigerian National Petroleum Corporation put the amount spent on subsidising petrol from January to October 2021 at N1.03tn.
The subsidy, which the NNPC prefers to call ‘value shortfall’ or ‘under-recovery’, resurfaced in January this year as the government left the pump price of petrol unchanged at N162-N165 per litre despite the increase in global oil prices.
The Federal Government had in March 2020 removed petrol subsidy after reducing the pump price of the product to N125 per litre from N145 following the sharp drop in crude oil prices.
The NNPC, which has been the sole importer of petrol into the country in recent years, has been bearing the subsidy cost since it resurfaced.
The corporation supplied a total of 6.3 billion litres of petrol in the first four months of 2021, according to data collated from its monthly reports.
“The corporation has continued to diligently monitor the daily stock of PMS to achieve smooth distribution of petroleum products and zero fuel queue across the nation,” it said in its latest monthly report.
Oil marketers, experts blame naira devaluation, crude oil price, smuggling
Top officials of two marketers’ associations, who spoke with our correspondent in separate interviews, attributed the surge in petrol imports to oil price rally, smuggling of petrol to neighbouring countries and naira devaluation.
The international oil benchmark, Brent crude, which tumbled to as low as $22 per barrel last year, rose to a high of $85.43 per barrel on October 22 this year.
In May, the Central Bank of Nigeria devalued the naira to N410.25 per dollar. The CBN had kept the official exchange rate at N379/$1 since August 2020, when the naira was devalued for the second time last year from 360 per dollar. It was first devalued to 360/$1 in March 2020 from 306/$1.
The Executive Secretary/Chief Executive Officer, Major Oil Marketers Association of Nigeria, Mr Clement Isong, said, “In 2020, we had COVID with all the lockdown, so I imagine that volume this year would be more than that of last year. The second point is that last year, the price of crude was very low; this year, it has been rather high. Last year, it went as low as $20 per barrel; this year, it has gone as high as $80.
“Finally, the exchange rate of the dollar to the naira was significantly lower than what it is this year. I have no doubt that smuggling has continued. Last year, the price of petrol came down in Nigeria, but it remained at N350, N360, N380 and N400 in the neighbouring countries.”
The National Operations Coordinator, Independent Petroleum Marketers Association of Nigeria, Michael Osatuyi, lamented that the inability of the country to produce petrol locally.
“We are 100 per cent import-dependent, but a country that imports 100 per cent is in a big problem,” he said, adding that the Dangote refinery would come to the country’s rescue when it comes on stream.
“Our products are smuggled to all the neighbouring countries because they are cheaper. If we don’t deregulate the downstream oil sector and crude oil price continues to go up, Nigeria’s petrol imports figure will double next year because,” he said.
In a related development, Nigeria, Africa’s largest oil producer, produced 1.44 million barrels per day in November, a rise of 70,000 bpd from the previous month, as output from Bonny Light and Erha fields rebounded, according to the latest S&P Global Platts survey.
This was, however, still 210,000 bpd below the November quota given to Nigeria by the Organization of the Petroleum Exporting Countries as the country’s output continued to be under pressure from technical and operational issues.
OPEC and its allies boosted crude oil production by 500,000 bpd in November, with 80 per cent of the increase attributed to five members – Saudi Arabia, Russia, Iraq, Kazakhstan and Nigeria, the survey found.
OPEC’s 13 countries pumped 27.85 million bpd, up 300,000 bpd from October, while Russia and eight other partners produced 13.86 million bpd, up 200,000 bpd, the survey found.
The collective OPEC+ output of 41.71 million bpd was the group’s highest in 19 months, but still 4.15 million bpd below what it pumped in April 2020, when Saudi Arabia and Russia launched an oil price war.
This comes as some of the coalition’s members like Angola, Malaysia, Nigeria and Equatorial Guinea still struggle to pump as many barrels as they had promised due to natural declines and disruptions.
The 19 members with production quotas under the OPEC+ accord were a combined 520,000 bpd below their allocations for the month, bringing compliance to 112.31 per cent from 113.21 per cent in October, the survey found.
Saudi Arabia was once again the biggest mover in the month, adding 100,000 bpd to an oil market still sensitive to demand uncertainties.
Governor Peter Mbah of Enugu State has reassured the public that safety remains the overriding priority of Enugu Air following Thursday’s runway excursion involving one of the airline’s aircraft at Benin Airport.
Reacting to the incident for the first time in a statement personally signed on Friday, the governor expressed sympathy with the passengers and crew members on board the aircraft, while thanking God that no lives were lost and no injuries were recorded.
The Embraer E170 aircraft, operating as Flight 4264 from Lagos to Benin, experienced a runway excursion after landing at Benin Airport on Thursday.
Mbah said the state government was closely monitoring the situation and pledged full cooperation with aviation authorities investigating the incident.
“The Enugu State Government is aware of the incident of a runway excursion affecting Enugu Air, Embraer E170, Flight 4264, operating into Benin Airport from Lagos on Thursday, July 23, 2026.
“The government empathises with the 63 passengers and five crew members on board the aircraft over the traumatic experience and is thankful to God that no life was lost and no injuries have so far been reported,” the governor said.
He commended the Nigerian Safety Investigation Bureau (NSIB) for swiftly launching an investigation to determine the circumstances surrounding the incident, assuring that Enugu Air would cooperate fully with investigators and relevant regulatory agencies.
“The government commends the swiftness of the Nigerian Safety Investigation Bureau (NSIB) in embarking on the ongoing investigation to determine the circumstances and factors that may have led to the incident. The government will ensure the full cooperation of its going concern, Enugu Air, with the investigation and regulatory authorities,” Mbah stated.
While urging the public to await the outcome of the investigation, the governor maintained that the airline operates under stringent safety protocols that place passenger welfare above commercial interests.
“While the outcome of the investigation is awaited, the government assures the public that the operations of Enugu Air are guided by the highest safety standards. The airline is founded on a corporate culture that places safety above profit and schedule, and its quality assurance and quality control systems stipulate a safety threshold that is considerably higher than the industry benchmark,” he said.
Mbah said the airline’s uncompromising safety culture had contributed significantly to the growing confidence and patronage it had enjoyed since commencing operations.
“This accounts for the growing confidence and patronage the airline has continued to enjoy from both passengers and industry stakeholders. Enugu Air will therefore continue to serve its teeming customers and abide by its utmost commitment to safety, professionalism, and a sense of hospitality,” he added.
The governor also expressed appreciation to Nigerians for the widespread support and goodwill shown to the airline in the aftermath of the incident, noting that many passengers had continued to share positive experiences about flying with Enugu Air.
“We wish to express our profound gratitude to Nigerians for the outpouring of solidarity since the unfortunate incident. Quite uncommonly, Nigerians have continued to share their positive experiences with Enugu Air since it was launched a year ago. This matters so much to us as a government at this time,” Mbah said.
The runway excursion involving the state-owned carrier has drawn national attention. However, with all 63 passengers and five crew members safely evacuated, attention has now shifted to the outcome of the ongoing investigation by aviation authorities.
Amupitan gave the assurance during a courtesy visit to former Head of State and Chairman of the National Peace Committee, General Abdulsalam Abubakar (retd.), at his residence in Minna, Niger State, on Friday.
The commission’s chairman led a delegation comprising National Commissioners, the Secretary to the Commission, directors and his technical aides.
Amupitan described Abubakar as “the father of democracy in Nigeria”, noting that his transition to civilian rule in 1999 marked a defining moment in the country’s democratic history.
The INEC chairman said the commission regarded the former Head of State “not merely as a statesman but as a pillar of support for INEC.”
He also commended Abubakar’s role as Chairman of the National Peace Committee, describing its Peace Accord initiative as “a moralising influence on Nigeria’s political ecosystem.”
According to INEC, Amupitan said the initiative had provided political actors with a platform to commit to non-violence, thereby strengthening “the sovereignty of the will of the Nigerian people.”
The INEC chairman told Abubakar that, regardless of the pressures confronting the commission, it remained committed to ensuring that the will of Nigerians as expressed at the polls would prevail.
He said, “The Commission’s determination under my leadership was to see ordinary Nigerians go out and vote, confident that their votes would be duly counted and reflected in the outcome of elections,” describing this as “the core assurance INEC owed the electorate.”
Amupitan also formally confirmed the dates for the 2027 general elections.
According to INEC, the Presidential and National Assembly elections will hold on January 16, 2027, while the Governorship and State Houses of Assembly elections will take place on February 6, 2027.
Abubakar, in turn, called on Nigerians to support INEC ahead of the 2027 general elections.
President Bola Ahmed Tinubu, GCFR, Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, has approved the expansion of the Nigerian Army’s structure from eight to twelve divisions—a landmark move to enhance the country’s security architecture and improve the operational effectiveness of the Nigerian Army.
In a statement, Special Adviser to the President on (Information & Strategy) Bayo Onanuga says, “this approval underscores the President’s unwavering commitment to equipping the Armed Forces to address Nigeria’s evolving security challenges effectively and to strengthen national defence capabilities further.”According to the statement, “the expansion builds on the Administration’s sustained investments in the Armed Forces, including approval for the recruitment of 28,000 additional personnel, acquisition of critical military platforms and equipment, improvements in troop welfare, and ongoing support for operational readiness and force modernisation.”Under the new structure, the Nigerian Army will operate twelve divisions, strategically positioned across the country as follows:1. 1 Division Headquarters – Kaduna (Kaduna, Kano, Katsina and Jigawa States)2. 2 Division Headquarters – Ibadan (Oyo, Osun, Ekiti and Ondo States)3. 3 Division Headquarters – Jos (Plateau, Bauchi and Gombe States)4. 5 Division Headquarters – Makurdi (Benue, Nasarawa and Kogi States)5. 6 Division Headquarters – Port Harcourt (Rivers, Akwa Ibom and Cross River States)6. 7 Division Headquarters – Maiduguri (Borno and Yobe States)7. 8 Division Headquarters – Sokoto (Sokoto, Kebbi and Zamfara States)8. 9 Division Headquarters – Ilorin (Kwara and Niger States)9. 10 Division Headquarters – Jalingo (Taraba and Adamawa States)10. 81 Division Headquarters – Lagos (Lagos and Ogun States)11. 82 Division Headquarters – Enugu (Enugu, Anambra, Abia, Ebonyi and Imo States)12. 83 Division Headquarters – Benin City (Edo, Delta and Bayelsa States).The establishment of the new Divisions in Makurdi, Ilorin, Jalingo and Benin City will significantly improve command and control, decentralise operational decision-making, strengthen border security, enhance the protection of critical national infrastructure, improve counter-insurgency and internal security operations, and ensure faster military response to emerging threats nationwide.Implementation of the new force structure will be done in two phases.
The Ndigbo Unity Forum (NUF) worldwide, a pan-Igbo socioeconomic pressure group, has urged the Federal Government to direct the Nigeria National Petroleum Corporation Limited (NNPCL) to supply Dangote Petroleum Refinery adequate crude.
The Chairman of NUF, Chief Augustine Chukwudum, made the call on Wednesday in Enugu while reacting to Dangote Petroleum Refinery’s move to start direct sales of refined Petroleum products in dollars.
It would be recalled that a top management official of the Dangote Group said that its refinery was receiving just four million barrels of crude oil monthly under the arrangement, instead of about 13 million barrels envisaged after President Bola Tinubu’s 2024 directive.
The refinery had attributed its decision to switch from naira-denominated fuel sales domestically to dollar transactions to the crude supply shortfall, saying it would also increase exports of refined petroleum products to earn foreign exchange.
Chukwudum called on the Federal Government to intervene urgently before things get out of hand and Nigerians suffer the more.
According to him, fuel price remains major determinant of prices of other commodities and services in the country as transport cost depends on.
“Things are bound to get worst if the Federal Government neglect to take immediate and decisive actions meant to better the life of the citizens.
“NUF is rasing this alarm because this administration is behaving as if they are not answerable to the people their are supposed to be serving.
“The Federal Government should direct NNPCL to supply all the crude oil needed by Dangote Refinery since the company has the capacity to meet local or domestic petroleum needs of the country.
“The government must stop all forms of fuel importation because that money been used for importation is a waste and put a pressure on our fragile foreign reserve as a nation,” he said.
The NUF boss noted that the refinery company must be allowed to pay in naira with this move, suffering of citizens would be curtailed.
Chukwudum also reiterated the call of the group for the Federal Government to set up judicial panel of inquiry to look into the account of NNPCL for some years now.
A commotion reportedly erupted at the Independent National Electoral Commission (INEC) office in Onitsha South Local Government Area of Anambra State after some officials were accused of demanding ₦2,000 from applicants before processing voter registration and Permanent Voter Cards (PVCs).
The allegation surfaced in a video circulating on social media, which showed what appeared to be a heated confrontation between applicants and officials at the electoral commission’s office.
According to a resident who narrated the incident in the video, some INEC officials allegedly insisted that applicants pay ₦2,000 before their voter registration or PVC processing could be completed.
The situation reportedly escalated when one of the applicants challenged the alleged demand, insisting that voter registration and PVC-related services are free and should not attract any payment.
The applicant was said to have confronted the officials and attempted to record the exchange with a mobile phone, triggering a heated argument that attracted other applicants and bystanders.
Although raised voices and a commotion could be heard in the footage, the circumstances surrounding the incident could not be independently verified.
The video has since sparked reactions on social media, with many Nigerians condemning the alleged extortion and calling on INEC to investigate the incident and sanction anyone found culpable.
INEC has consistently maintained that voter registration services are free of charge. These include fresh registration, collection of PVCs, transfer of voter information, correction of personal details, and replacement of lost or damaged PVCs.
The commission has also repeatedly urged members of the public to report any cases of extortion, bribery or illegal charges involving its permanent or ad hoc staff during voter registration and PVC distribution.
As of the time of filing this report, INEC had not issued an official statement specifically addressing the allegations involving its Onitsha South Local Government Area office.
The incident comes as the electoral commission continues its nationwide Continuous Voter Registration (CVR) exercise ahead of the 2027 general elections.
INEC has also introduced an online self-service platform to enable prospective voters and existing registrants to complete several registration-related processes conveniently, while reiterating that voter registration services remain free of charge.
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