FG spends N3 trillion importing petroleum products

News Express |17th Oct 2016 | 2,845

The Federal Government spent about N3 trillion to import petroleum production between January 2015 to April 2016, according to the National Bureau of Statistics (NBS) in its latest petroleum import data released at the weekend.

Specifically, the country imported N570.6 billion worth of petroleum products between January and April this year while the country consumed about N2.4 trillion products in whole of 2015.

The NBS report, identified the products to include Premium Motor Spirit (PMS), Automotive Gas and Oils (AGO) and Household Kerosene (HHK).

A breakdown of the value spent on petroleum imports showed that the country consumed N431 billion of PMS from January to April this year; spent N118 billion on Automotive Gas Oil and N20 billion on House Hold Kerosene during the period under review.

•Excerpted from a The Guardian report. Photo shows Petroleum Minister of State, Dr. Ibe Kachikwu.

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