Politics

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has revealed that the country currently spends $600m on fuel importation monthly.

Published

2 years ago

August 7, 2024

He stated that the high import bill is due to neighbouring countries, up to Central Africa, benefiting from the country’s fuel imports.

The minister stated this during an interview on AIT’s Moneyline programme, which was posted on its Youtube channel on Wednesday.

Edun explained that the situation was the reason President Bola Tinubu removed fuel subsidy, as the country does not know the exact amount of fuel consumed internally.

According to a report by the National Bureau of Statistics, the country’s petrol import was reduced to an average of one billion litres monthly after President Bola Tinubu removed the fuel subsidy on May 29 last year

He said, “The fuel subsidy was removed May 29, 2023, by Mr President, and at that time, the poorest of 40 per cent was only getting four per cent of the value, and basically, they were not benefitting at all. So it was going to be just a few.

“Another point that I think is important is that nobody knows the consumption in Nigeria of petroleum. We know we spend $600m to import fuel every month but the issue here is that all the neighbouring countries are benefitting.

“So we are buying not just for Nigeria, we are buying for countries to the east, almost as far as Central Africa. We are buying. We are buying for countries to the North and we are buying for countries to the West. And so we have to ask ourselves as Nigerians, how long do we want to do that for and that is the key issue regarding the issue of petroleum pricing.”

He added that the nation must take a decisive step to tackle step the problem as it impedes it’s economic growth

Of great importance to the government, Edun said, is the welfare of the people, particularly the vulnerable.

One of the key areas of focus is ensuring food availability and affordability.

Speaking further in the interview, the finance minister clarified that the N570bn fund release to state governments was implemented last December.

He said, “This actually refers to a reimbursement that they received from December last year onwards and it was a reimbursement I think under the COVID financing protocol but the point is that the states have received more money. They have received more money. Mr President has charged to ensure food production in the states

Edun also clarified that the recent decision to raise the maximum borrowing percentage in the Ways and Means from five to 10 per cent does not imply that the Federal Government tends to rely on the Central Bank of Nigeria financing.

He said the government had rather used market instruments to manage its debts.

The minister said, “We have not gone to the central bank to say, please lend the government money to pay its debt, to pay its salaries. That’s Ways and Means. We have not gone. In fact, we have used market instruments to pay down what we owed, and that is a very, very germane aspect of having a strong economy.

“It was raised to 10 per cent, but that doesn’t mean it will be used. It’s there as a fail-safe and just gives that extra flexibility so that if a payment needs to be made and there is a mistiming or gap in when revenue would come in and expenses, we can just draw it down briefly.”

He described the approval by the National Assembly as a fail-safe measure

The minister added, “Sometimes it just gives that extra flexibility so that if a payment needs to be made and there’s a mistiming, there’s a gap between the time at which the revenue will come in and the expenses needed, you can just draw down briefly.

“So, the aim is to keep within the letter of the law, I think that’s the main point.”

He also said the welfare of Nigerians remained a key priority for the current administration, particularly ensuring food availability and affordability.

Edun said, “There is a concerted effort to ensure that we have homegrown food available. In the short term, apart from what is being distributed from reserves, there is a window that has been opened for importation because the commitment of Mr President is to drive down those prices now and make food available now.”

He assured all that the measure would not undermine local farmers, as importation would only be permitted after exhausting local supplies.

He said, “So, one of the conditions for this importation will be that everything available locally in the markets or with the millers and so forth has been taken up. We will have auditors that will check that.”

He said these interventions seek to reduce inflation, stabilise exchange rates, and lower interest rates, thereby creating a conducive environment for investment and job creation

Politics

Electoral Reform: Dino alleges senate’s plot to rig 2027 election

Published

9 hours ago

February 6, 2026

Ekwutos Blog

Former lawmaker, Dino Melaye Esq, has raised concerns over the Senate’s reported rejection of the electronic transmission of election results.

The move, according to Melaye, is a clear endorsement of election rigging and an indication of a sinister plan to rig the 2027 elections.

In a statement on Friday, the former lawmaker criticized the Senate’s decision, stating that it undermines the credibility of the electoral process.

The African Democratic Congress, ADC chieftain, also stated that the move opens the door for electoral manipulation and fraud.

He further warned that the rejection of electronic transmission of results is a step backwards for democracy in Nigeria.

Melaye called on lawmakers and citizens to stand up against “this blatant attempt to undermine the will of the people and ensure that future elections are free, fair, and transparent”.

Politics

Electoral Act: Nigerians have every reason to be mad at Senate – Ezekwesili

Published

12 hours ago

February 6, 2026

Ekwutos Blog

Former Minister of Education, Oby Ezekwesili, has said Nigerians have every reason to be mad at the Senate over the ongoing debate on e-transmission of election results.

Ezekwesili made this known on Friday when she featured in an interview on Arise Television’s ‘Morning Show’ monitored by DAILY POST.

DAILY POST reports that the Senate on Wednesday turned down a proposed change to Clause 60, Subsection 3, of the Electoral Amendment Bill that aimed to compel the electronic transmission of election results.

Reacting to the matter, Ezekwesili said, “The fundamental issue with the review of the Electoral Act is that the Senate retained the INEC 2022 Act, Section 60 Sub 5.

“This section became infamous for the loophole it provided INEC, causing Nigerians to lose trust. Since the law established that it wasn’t mandatory for INEC to transmit electoral results in real-time, there wasn’t much anyone could say.

“Citizens embraced the opportunity to reform the INEC Act, aiming to address ambiguity and discretionary opportunities for INEC. Yet, the Senate handled it with a “let sleeping dogs lie” approach. The citizens have every reason to be as outraged as they currently are.”

Politics

Electoral act: Senate’s action confirms Nigeria ‘fantastically corrupt’, ‘disgraced’ – Peter Obi

Published

12 hours ago

February 6, 2026

Ekwutos Blog

Former Labour Party presidential candidate, Peter Obi, has condemned the Senate’s refusal to make electronic transmission of election results mandatory, saying the move further exposes Nigeria as a fantastically corrupt and disgraced country.

Obi expressed his views in a statement shared on X on Friday, where he accused lawmakers of deliberately weakening Nigeria’s democratic process ahead of the 2027 general elections.

He explained that his reaction came after a brief pause to mourn victims of a deadly tragedy in Kwara State, where over 150 people reportedly lost their lives.

“Let us first pray for the souls of the innocent Nigerians lost in Kwara. That painful incident is why I delayed responding to the shameful development surrounding our electoral system,” he wrote.

Describing the Senate’s decision as intentional and dangerous, Obi said rejecting mandatory electronic transmission was not a simple oversight but a calculated attempt to block transparency.

“The Senate’s open rejection of electronic transmission of results is an unforgivable act of electoral manipulation ahead of 2027,” he said.

According to him, the action strikes at the heart of democracy and raises serious questions about the true purpose of governance in Nigeria.

“This failure to pass a clear safeguard is a direct attack on our democracy. By refusing these transparency measures, the foundation of credible elections is being destroyed. One must ask whether government exists to ensure justice and order or to deliberately create chaos for the benefit of a few.”

The former Anambra State governor linked the post-election controversies of the 2023 general elections to the failure to fully deploy electronic transmission of results, insisting that Nigerians were misled with claims of technical failures.

“

The confusion, disputes and manipulation that followed the 2023 elections were largely due to the refusal to fully implement electronic transmission,” he said.

He added that the so-called system glitch never truly existed.

Obi compared Nigeria’s electoral process with those of other African countries that have embraced technology to improve credibility, lamenting that Nigeria continues to fall behind.

“Many African nations now use electronic transmission to strengthen their democracy. Yet Nigeria, which calls itself the giant of Africa, is moving backwards and dragging the continent along.”

He criticised Nigeria’s leadership class, saying the country’s problems persist not because of a lack of ideas but because of deliberate resistance to meaningful reform.

“We keep organising conferences and writing policy papers about Nigeria’s challenges. But the truth is that the leaders and elite are the real problem. Our refusal to change is pushing the nation backwards into a primitive system of governance.”

Warning of the dangers ahead, Obi said rejecting electronic transmission creates room for confusion and disorder that only serves the interests of a small group.

He also recalled past remarks by foreign leaders who described Nigeria as corrupt, arguing that actions like this continue to justify those statements.

“When a former UK Prime Minister described Nigeria as ‘fantastically corrupt,’ we were offended. When former US President Donald Trump called us a ‘disgraced nation,’ we were angry. But our continued resistance to transparency keeps proving them right.”

Obi warned that Nigerians should not accept a repeat of the electoral irregularities witnessed in 2023.

“Let there be no mistake. The criminality seen in 2023 must not be tolerated in 2027.”

He urged citizens to be ready to defend democracy through lawful and decisive means, while also calling on the international community to closely monitor developments in Nigeria’s electoral process.

“The international community must pay attention to the groundwork being laid for future electoral manipulation, which threatens our democracy and development,” Obi stated.

He concluded by expressing hope that change is still possible if Nigerians take collective responsibility.

“A new Nigeria is possible but only if we all rise and fight for it.”