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

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2 years ago

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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

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Politics

2027: More Than 50 Lawmakers Lose APC Reps Tickets in Major Primary Election

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May 20, 2026

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No fewer than 50 members of the 10th House of Representatives are unlikely to be part of the 11th Assembly after losing out in the All Progressive Congress (APC) primaries held on Saturday.

This marks one of the largest turnovers of sitting federal lawmakers since 2015 and signals intensifying internal competition within the ruling party eight months to the 2027 general elections.

While House Speaker Tajudeen Abbas (Kano) and Deputy Speaker Benjamin Kalu (Abia) successfully defended their tickets, several ranking and long-serving lawmakers were defeated, exposing strong anti-incumbent sentiment and the decisive role of state governors in candidate selection.

Major casualties

One of the biggest upsets was the defeat of House Majority Leader Julius Ihonvbere in Edo State’s Owan Federal Constituency. He polled 1,005 votes out of 7,587 cast, finishing third behind Andrew Ijegbia, who scored 3,695 votes. Abdul Oroh placed second with 1,740 votes.

In Delta State, veteran lawmaker Nicholas Mutu, who has represented Bomadi/Patani Federal Constituency since 1999, lost his re-election bid. Ngozi Okolie also lost the Aniocha/Oshimili ticket to former House Minority Leader Ndudi Elumelu.

 

Cross River State recorded one of the highest casualty rates, with five of eight incumbents failing to secure re-nomination.

They include three-term member Mike Etaba (Obubra/Etung), Godwin Offiono (Ogoja/Yala), Emil Inyang (Akamkpa/Biase), and Bassey Akiba (Odukpani/Calabar Municipality).

Only Peter Akpanke, Joseph Bassey, and Victor Abang won return tickets.

In Plateau State, conflicting results in Pankshin/Kanke/Kanam Federal Constituency triggered early confusion. One returning officer declared challenger John Tongshinen winner with 29,968 votes against incumbent Yusuf Gagdi’s 5,849.

The APC Plateau State primaries committee, chaired by Stella Okotete, later dismissed that declaration as unauthorised and affirmed Mr Gagdi as the authentic winner with 29,207 votes.

At a press briefing, Mrs Okotete stated that Nandom Kura was the recognised returning officer. “The returning officer approved by my committee that has gone to do fake declaration is null and void,” she said.

Other significant losses occurred in Ogun State (at least five incumbents, including Deputy Chief Whip Ibrahim Isiaka and Tunji Akinosi) and Ekiti State (three sitting members).

 

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Politics

PDP to screen Goodluck Jonathan on Tuesday as its sole Presidential aspirant For 2027 race

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May 18, 2026

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The Peoples Democratic Party (PDP), led by Tanimu Turaki, SAN, has scheduled to screen former president Goodluck Jonathan tomorrow, Tuesday, aMay 19, as the lone presidential candidate of party.

According to a statement from the PDP faction backed by the Oyo State Governor, Seyi Makinde, Former Vice-President Namadi Sambo, former governor of Plateau State, Jona Jang and a former Minister of Foreign Affairs, Tom Ikimi have been listed among a committee of 14 members to screen Jonathan described as a lone candidate by the party.

Other members of the committee were Chief Olabode George, Babangida Aliyu, Maryam ciroma, Zainab Maina, Josephine Anenin, Dr. Abdul Bulama, Dr. Esther Uduehi, Edo State PDP chairman, Tony Aziegbemi, Dr. Sunday Solarium and Chief Anicho Okoro, who would serve as administrative secretary of the committee.

Last week, the national Publicity Secretary of the faction, Ini Ememobong, disclosed that former president Jonathan has successfully registered as a member of the party in the fresh digital registration exercise directed by INEC.

The PDP faction also announced that it was set to screen 748 house of representatives aspirants, 198 senatorial aspirants, and 112 governorship aspirants.

The screening committee would screen 2122 states houses of assembly aspirants. The exercise will commence tomorrow, Tuesday in different states.

According to the statement, the screening exercise would take place nationwide on Tuesday, May 19, 2026, at 10:00 a.m.

The statement said the Interim National Working Committee (iNWC) has also released the names of members to serve on the Screening Committees and Screening Appeal Panels.

It added that the publication of the screening details “is in accordance with the party’s guidelines and timetable for the conduct of the 2027 general elections.”

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Politics

Oshiomhole wins Edo APC senatorial primaries unopposed

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May 18, 2026

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A former governor and incumbent Senator, Adams Oshiomhole, along with his counterpart Senator Joe Ikpea, sailed through the All Progressives Congress senatorial primary in Edo unopposed, and securing their tickets without a single vote cast against them.

Also Omoregie Ogbeide-Ihama emerged the winner in the APC primary for the Edo South senatorial district.

Ogbeide-Ihama won in the seven local government areas of Edo South in the results announced by the Chairman of APC National Assembly Primary Election, Muhammed Ajana at the Urokpota Hall, Benin.

He polled 27,154 votes while his opponents, Senator Neda Imasuen, got 13,580, and Pastor Osagie Ize-Iyamu got 6785.

The elections were hitch-free in Edo North and Edo Central, where there was no contest against the incumbents, Senators Oshiomhole of Edo North and Ikpea of Edo Central, respectively.

Ajana at the Urokpota Hall said the collation arose from votes cast in the seven local government areas made up of 77 wards where elections were conducted by members of the committee.

He said, “There are seven local governments that make up the Edo South Senatorial District. We have heard from the Returning officers from the seven local government areas. From the collation, the cumulative result we have for Edo South Senatorial District is this; Ogbeide-Ihama with 27,154 votes, Imasuen with 13,580 votes and Ize-Iyamu with 6, 785.

“This is the total reflection of what has transpired from the ward level to the local government and the Edo South senatorial district collation centre. With this we await further directives from the National Secretariat, we have done our best by collating the results which is our mandate, to collate the results and send them to the National Secretariat.”

However, it was gathered that Ize-Iyamu emerged as the APC candidate for Edo South Senatorial race. He claimed to have clinched the party’s ticket after defeating Ogbeide-Ihama and Imasuen.

It was claimed that the Chief Returning Officer, Abubakar Muhammad Kabiru, officially declared Ize-Iyamu the winner after securing the highest number of votes cast.

On his part, the senator representing the district condemned the exercise describing it as a sham allegedly designed to favour a preferred aspirant.

Imasuen spoke while reacting to events at his polling unit in Umagbae North Ward 5, Urhokuosa where he said he was denied the opportunity to vote following what he described as a chaotic and manipulated process.

The lawmaker accused leaders of the party of openly adopting a preferred candidate ahead of the exercise and intimidating members into supporting that aspirant.

He said, “There is nothing satisfactory about this sham of election they did today and it is very unfortunate because as a loyal party member, I expected something better than this.”

He said the warning signs emerged days before the primary when some ward chairmen allegedly informed him that they had been directed not to receive him during consultations.

Imasuen claimed that some ward leaders openly told him the party had already adopted a preferred aspirant, identified as Hon. Omoregie Ogbeide-Ihama, making further consultations unnecessary.

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