New reports have indicated that Nigerian oil marketers spent a staggering N8.96 trillion on Premium Motor Spirit.
Fresh data released by the National Bureau of Statistics (NBS) shows that petrol, classified as “motor spirit ordinary” continued to rank among the country’s most imported commodities throughout the year.
Although the import bill marked a decline from the N15.42 trillion recorded in 2024, representing a drop of about 41.9 per cent, it still exceeded the N7.51 trillion spent in 2023 by roughly 19.3 per cent, the year the Fuel Subsidy Removal in Nigeria was implemented by the administration of Bola Tinubu.
The figures highlight a troubling contradiction in Nigeria’s oil sector: while billions are being poured into boosting domestic refining capacity, the country continues to depend heavily on imports to meet its petrol needs.
The development comes on the heels of reports that local refineries themselves imported crude oil worth N5.734 trillion within the same period, further exposing structural inefficiencies in the downstream value chain.
The persistence of high import volumes raises fresh questions about the pace of refinery rehabilitation, the effectiveness of policy reforms, and the readiness of domestic facilities to meet national demand.
For consumers, the implications remain significant, as continued reliance on imports leaves the country vulnerable to global price fluctuations and foreign exchange pressures.
