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HomeNewsNigeria spent $12bn importing petroleum products in 10 months – CBN

Nigeria spent $12bn importing petroleum products in 10 months – CBN

Amid the endless fuel scarcity which has been affecting socio-economic activities across the country, the Central Bank of Nigeria (CBN) has revealed that Nigeria spent a total of $12.44 billion on the importation of petroleum products between January and October 2022.

The CBN also stated that the country’s gross federation receipts which stood at N1,178.64 billion at the period under review exceeded the level in September 2022 by 7.0 per cent, but below the target of N1,580.34 billion by 25.4 per cent.

The is contained in the apex bank’s October 2022 Economic Report posted on its website on Wednesday.

The report revealed that petroleum products import gulped $1.24 billion in October and $3.73 billion and $3.26 billion in Q3 2022 and Q2 2022 respectively.

A look at the bank’s economic report for the first quarter (Q1) of 2022, showed that $4.21 billion was spent on petroleum products import.

This means that the country spent a total of $12.44 billion on oil imports in the first 10 months of 2022.



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