Recent figures released by the National Bureau of Statistics show that amount spent on the importation of Premium Motor Spirit popularly known as petrol into the country rose by 17.54 per cent to N2.11tn in 2020.
According to the NBS, the country spent N1.71tn on petrol imports in 2019, down from N2.95trn in the previous year.
The report also showed that petrol topped the list of products imported into the country, accounting for 11.7 per cent of the total amount spent on imported products from January to September.
The NBS also states that Petrol imports jumped to N573.69bn in the fourth quarter of 2020 from N532.62bn in Q3 and N87.08bn in Q2, adding that in the first three months of 2020, the country spent N1trillion on the importation of petrol.
