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 neighboring countries, up to Central Africa, benefiting from the country’s fuel imports.

The minister made this known during a monitored broadcast interview 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 liters monthly after President Bola Tinubu removed the fuel subsidy on May 29 last year.

Speaking further, Edun clarified that the N570bn fund release to state governments was implemented last year December.