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FG spends $600m on fuel importation monthly – Edun

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2 years ago

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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.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 for 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 year 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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Gov Dauda Lawal Hosts Chief of Defence Staff, Reaffirms Commitment to Security in Zamfara

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15 hours ago

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April 21, 2026

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By Bashorun Oladapo Sofowora

Earlier today, Governor Dauda Lawal received the Chief of Defence Staff, General Olufemi Oluyede, at the Government House in Gusau during an official visit to Zamfara State.

The Chief of Defence Staff commended the Zamfara State Government for its consistent support to troops operating within the state, acknowledging the administration’s collaborative approach in addressing security challenges.

During the meeting, the Governor reiterated that security remains the foremost priority of his administration. He emphasized that without security, meaningful development and governance would have little impact on the lives of the people of Zamfara State.

The Governor stressed the importance of sustained cooperation between the state government and the military in confronting insecurity and restoring lasting peace across affected communities. He noted that effective synergy between civil authorities and security agencies is critical to overcoming the menace threatening the state.

He further assured that his government remains fully committed to providing continued support to the Armed Forces and other security agencies to enhance their operational effectiveness and safeguard lives and property.

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Africa Caught Off-guard as Idris Elba Stuns with FIFA World Cup Message

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5 days ago

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April 16, 2026

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SuperSport viewers across Africa were left stunned when normal programming was suddenly interrupted by Hollywood star Idris Elba, who delivered a message saying “Everything else can wait.”Millions of DStv and GOtv viewers across Africa experienced the surprise interruption during prime-time viewing on 15 April 2026 at 7pm, including in the middle of live sport broadcast. Screens abruptly went black before a countdown appeared, followed by a familiar silhouette.It was Idris Elba.Ten Of Us NowThe award-winning actor addressed Africa directly with a message celebrating a historic football moment. Ten African nations have qualified for the 2026 FIFA World Cup, the most ever.“There are ten of us now,” Elba said in his unmistakable gravelly voice. “I honestly don’t care which one of us wins. I just want to see African football light up the world stage.”“My mum is from Ghana, my dad is from Sierra Leone. But my heart is African,” said Elba, a global superstar who remains deeply connected to the continent. “That’s why I’m watching. Every. Single. Game.”Africa’s Greatest World Cup?The FIFA World Cup 2026™, hosted across Mexico, Canada and the USA, will see Africa represented by Ghana, South Africa, Senegal, Morocco, Egypt, Algeria, Tunisia, Cape Verde, Côte d’Ivoire and DR Congo.It is a milestone tournament, and SuperSport on DStv and GOtv is positioning itself as the home of every kick, goal and celebration.“History doesn’t always tell you when it’s going to happen,” Elba continued. “But I’m here to tell you where it may happen. SuperSport. Only on DStv and GOtv. Everything else you thought you were going to be doing… it can wait.”Energetic Big Brother Mzansi star Smash Afrika and the ever-stylish host of Big Brother Naija, Ebuka Obi-Uchendu, are also starring in the wider DStv and GOtv FIFA World Cup campaign.Every Match, Every ScreenAll 104 FIFA World Cup 2026™ matches will be available live on SuperSport across DStv, DStv Stream, GOtv and GOtv Stream.Viewers can follow the tournament through satellite TV or stream on phones, laptops and smart TVs, depending on their preference and connectivity.Coverage will also include local language options, including pidgin, making the tournament more accessible to audiences across the continent.The World Cup kicks off on 11 June 2026 with the opening ceremony in Mexico City, live on SuperSport. From the opening match to the final, fans across Africa will be able to follow every moment.

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Governor Dauda Lawal Receives Nigerian Air Force Delegation in Gusau to Strengthen Security, Combat Terrorism

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6 days ago

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April 15, 2026

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Governor of Zamfara State, Dauda Lawal P.hD, received a high-level delegation from the Nigerian Air Force during a strategic visit aimed at strengthening ongoing efforts to combat insecurity across the state.

The visit featured a presentation and inspection of key military air assets, including a combat-equipped helicopter designed for rapid response and real-time operations.

The Governor, alongside top government officials and security chiefs, was briefed on the aircraft’s capabilities, operational features, and its role in tackling banditry and other security challenges.

During the session, Air Force personnel demonstrated key features of the aircraft, including weapon systems and surveillance technology, highlighting its effectiveness in reconnaissance and combat missions.

Governor Lawal expressed strong interest, inspecting the equipment and asking questions about deployment and coordination with ground forces.

He commended the Federal Government and Air Force leadership for their commitment to restoring peace in Zamfara and reaffirmed his administration’s dedication to supporting all security agencies through collaboration and strategic initiatives.

The visit marks a significant step toward enhancing aerial surveillance and rapid response capabilities in Zamfara, reflecting renewed progress in addressing insecurity in the state.

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