The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has revealed that the country currently spends $600m on fuel importation monthly.
The minister said this to newsmen this Wednesday; saying that the high import bill is due to neighbouring countries in the north, west and as far as Central Africa, benefiting from the country’s fuel imports.
Edun says the situation was the reason President Bola Tinubu removed fuel subsidy, as the country does not know the exact amount of fuel consumed internally.
He says that the nation must take a decisive step to tackle the problem of fuel imported the country being consumed more by other neighbouring countries as it reduces the economic growth of the country.