Nigeria spent N995.835 billion on the importation of Premium Motor Spirit, PMS, also known as petrol, in the first half of 2018, according to latest data released by National Bureau of Statistics, NBS.

The NBS, in its Foreign Trade Statistics for the second quarter of 2018, noted that N277.71 billion was spent on the import of the commodity, also called fuel, in the second quarter of 2018, while N718.125 billion was expended on PMS import in the first quarter of 2018.

Data obtained from the report revealed that Nigeria’s fuel import bill in the first half of 2018 rose by 36.2 per cent compared with N730.925 billion spent on the importation of the commodity in the second half of 2017.

However, the amount spent on fuel import in the first six months of 2018, was 26.3 per cent lower compared to fuel import bill of N1.351 trillion recorded in the first half of 2017.

Source: Vanguard