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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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1 year 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

President Tinubu Transmits to The Senate Lists Of Ambassadorial Nominees

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14 hours ago

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December 4, 2025

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President Bola Tinubu has transmitted to the senate two lists of 34 career and 31 non career ambassadors nominees for screening and confirmation.

Prominent names listed as non career ambassadors include Reno Omokri, Femi Fani-Kayode, Gen. Abdulrahman Dambazau, Victor Ikpeazu and Ifeanyi Ugwuanyi.

Also listed as non career ambassadors nominees are Prof. Mahmood Yakubu, Vice Admiral Ete Ibas, Senator Jimoh Ibrahim, Senator Nora Daduut, Fatima Ajimobi, and Senator Ita Enang among others.

The two lists brings to 68 number of persons nominated so far as ambassadors awaiting confirmation by the Senate.

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PRESIDENT TINUBU FORWARDS NEW AMBASSADORIAL LIST TO SENATE, NOMINATES DAMBAZAU, IBAS, CHIOMA OHAKIM AND OTHERS

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18 hours ago

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December 4, 2025

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By Prince Uwalaka Chimaroke
4-DEC- 2025

President Bola Ahmed Tinubu has submitted a fresh set of ambassadorial nominations to the Senate, featuring a mix of distinguished public figures and seasoned professionals drawn from across the country.

Among the notable nominees are former Chief of Army Staff and ex-Minister of Interior, Abdulrahman Dambazau; former Chief of Naval Staff and immediate past sole administrator of Rivers State, Ibok-Ete Ekwe Ibas; former senator Ita Enang; and Mrs. Chioma Ohakim, former First Lady of Imo State.

The President formally transmitted two comprehensive lists containing 34 career and 31 non-career ambassadorial nominees, bringing the total number of nominees awaiting Senate confirmation to 68.

The newly submitted lists mark another significant step in the administration’s ongoing diplomatic restructuring, aimed at strengthening Nigeria’s representation and presence across global missions.

The Senate is expected to commence screening and confirmation proceedings in the coming days.

 

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I’m Not Playing Politics with Nnamdi Kanu’s Release – Gov Otti Replies Chief Ogbonna

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22 hours ago

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December 4, 2025

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Our attention has been drawn to a statement credited to a Former Commissioner for Local Government and Chieftaincy Affairs in Abia State, Chief Charles Ogbonna, wherein he called Governor Alex Otti unprintable names and also alleged that Governor Otti didn’t visit President Tinubu to discuss the issue of Mazi Nnamdi Kanu, but to plan on how to defect to the APC, among other childish verbal attacks.

Chief Ognonna has been unleashing unprovoked verbal venom and vituperation on the Governor, but we chose to ignore him, not only because we have been busy with the task of governance, but because we also know that he is traumatised by the obscurity he was plunged into after the 2023 general election and felt he should be allowed to experience some healing that could help normalise his reasoning.

 

Ordinarily, we would have still ignored Chief Ognonna’s latest idle tirade and allow him delude himself with fantasies of fury, but because the Nnamdi Kanu issue is both sensitive and very important to this government, we felt we should respond and put the records straight.

 

In continuation of Governor Otti’s efforts aimed at securing Kanu’s release, the Governor subsequently had a meeting with the President after visiting the IPOB leader at the Sokoto Correctional Centre on Sunday, November 30 2025. This is in continuation of earlier meetings the Governor had been having with the FG on this matter in the past two years.

The issue of Kanu was the only subject matter that took Governor Otti to Aso Rock and to the Glory of God, the meeting was both positive and fruitful, as the President was so gracious and generous.

 

Chief Ogbonna’s allegation of Governor Otti going to lobby to join the APC is both petty, ignoble, laughable and very irresponsible. At the risk of sounding immodest, any political party Governor Otti chooses to join today would roll out the drums and red carpet to welcome him with joy and excitement. If anything, many notable and respected APC leaders are not just desirous of having him in their fold, but are strongly appealing to Governor Otti to join their party because they know that he is not a liability.

 

Ogbonna accused Otti of betrayal, but he didn’t say who Otti betrayed, how and when.

 

He claimed that Otti doesn’t have capacity, yet Otti defeated him in his Polling Unit, Ward and LGA where his PDP Candidates from House of Assembly to President lost woefully.

 

He accused Governor Otti of inconsistency, yet he abandoned Alhaji Atiku Abubarkar less than 48 hours after the result of the Presidential Election was announced, in spite of the empty noise and boast he made about the PDP’s Presidential Candidate, all for Atiku’s money when it was needed and available.

He alleged that Governor Otti is playing politics with Nnamdi Kanu, yet, he is angry that the Governor is engaging the FG to secure Kanu’s freedom. Is there anything more contradictory and ridiculous than Ogbonna’s utterances?

 

At this point, the general public needs to know the genesis of Chief Ogbonna’s anger and aggression.

Having acquired Agbozu Cocoa Plantation when he was in government, the present government decided to reclaim the Plantation which was yielding nothing to the state under Charles Ogbonna. In line with Governor Otti’s policy of operating a government with human face, which sees him pay compensation so as not to hurt any citizen or investor, he approved a compensation package which was paid to Chief Ogbonna. He was excited and full of thanks and appreciation to Governor Otti for the gesture, because he knew he didn’t deserve it. Unfortunately and in line with his insatiable quest for power and money, he thought that another opportunity had opened for him to surreptitiously sneak into the government as he later nominated his son to be appointed by Governor Otti. The Governor flatly declined the request and subsequently appointed another person from the same Ogbonna’s Community, a development that made him feel slighted, diminished and broken and has since then gone out of control, throwing tantrums and hoping to be invited for settlement.

 

Chief Ogbonna’s problem, like some of his co-travellers is his failure to wake up from his slumber and realise that the era of ruins is over and that Abia has moved forward, never to be dragged back.

His primitive arrogance and mediocre mindset that limit his understanding of government and governance to political appointments, settlement and sharing of public funds without service to the people has so blinded him to the extent that he attacked the Governor recently for awarding the badly broken Umuahia-Ikot Ekpene road, claiming that the FG had aleady awarded it and thus should not be awarded by the Governor. How could any human being with conscience prefer that his people continue to suffer and die in their numbers just because he feels that building the strategic road would earn the Governor a huge political capital? Ogbonna needs to be reminded that such evil mindset has no place in the New Abia.

 

Even though Ogbonna’s character deficiency doesn’t position him for any modicum of respect, however, having advanced in age, he is expected to conduct himself honourably and responsibly so as not to attract insults to himself.

 

Finally, Ogbonna needs to be educated that one of the hallmarks of a great leader is his ability to apply wisdom, emotional intelligence and deploy the instrument of diplomacy in solving problems that have the propensity to impact the security of life and property of the people negatively if handled wrongly.

Governor Otti didn’t campaign with Mazi Nnamdi Kanu’s name in 2023, and doesn’t need to campaign with his plight for 2027, however, he strongly believes that resolving the problem of Kanu’s conviction is one of the ways to achieving peace, security and healing in our land. Unfortunately, Chief Ogbonna is not grounded, both in character and knowledge of the ingredients of modern leadership, hence his kindergarten politicisation of Governor Otti’s engagements with the FG and visit to the President.

Now that Ogbonna has become an errand boy in the APC, he needs to be reminded that he can pursue his stomach agenda without necessarily carrying out this misplaced aggression against Governor Otti, because it makes him look more pathetic than he can ever imagine.

 

Ferdinand Ekeoma

Special Adviser to the Governor

(Media and Publicity)

December 4, 2025.

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