Nigeria Imported N1.238tr Petroleum Products In Five Months – NBS

Nigeria Imported N1.238tr Petroleum Products In Five Months – NBS

Latest data from the National Bureau of Statistics (NBS) shows that the country imported 10.178 billion litres of petroleum products like premium motor spirit (PMS) or petrol, Automotive Gas and Oil (AGO) and Household kerosene (HHK) worth N1.238 trillion between May and September.
Petrol was the bulk of the imports within the period, with 7.853 billion litres worth N958.288 billion; 2.11 billion litres of AGO valued at N254.549 billion; and 208.469 million litres of kerosene at N25.469 billion.
A breakdown provided by the bureau shows that the largest volume and value of petrol was  in May, when 2.026 billion was imported for N249.876 billion; followed by the 1.535 billion litres valued at N174.517 billion in July. In the following month, 1.501 billion units of petrol was imported for N185.514 billion; 1.455 billion litres of PMS came into the country in June at the cost of N179.641 billion; while September saw the lowest volume of import at 1.335 billion litres valued at N168.739 billion.
On the average, monthly landing cost of petrol was at its peak in September, when it was imported at N126.38, which may explain calls for an increase in the pump price to make room for the impact of the Naira devaluation and the scarcity of foreign exchange on the economy. The lowest average monthly landing cost was recorded in July at N113.66 per litre; while on other months within the review period it moved between N123.33 in May to N123.58 in August.
In the case of AGO, July saw the highest volume of import, as 554.036 million litres was imported for N63.824 billion; followed by 550.301 million litres in August valued at N63.824 billion; and 427.19 million litres in May at N50.784 billion. The lowest volume was recorded in September when 33.372 million litres at N34.137 billion; and the 312.227 million litres imported in June for N38.319 billion.
The average monthly landing cost of the product was at its peak in September at N125.22 per litre; followed by August with N124.02; and June, N122.73. The average monthly landing cost was lowest at N115.20 in July; and N118.88 per litre in May.
In the case of kerosene, the highest volume was recorded in May with 86.031 million worth N10.619 billion; followed by July’s 59.212 million litres worth N6.999 billion; and September, 34.137 million litres worth N4.25 billion. The lowest volume of import was recorded in August, when 11.538 million litres was imported for N1.433 billion; and 17.616 million litres in July for N2.165 billion.
Average monthly landing cost of kerosene during the review period was highest also in September at N124.51; followed by N124.26 per litre in August; while May recorded N123.44 per litre. The lowest was the N118.21 per litre in July.
The NBS also released figures showing that membership of pension scheme rose by 239,119 or 3.92 per cent to a total of 6.329 million in the third quarter of 2014, from 6.09 million in the first quarter. Retirement saving account (RSA) remained the dominant scheme accounting for 99 per cent or 6,263,811 accounts.
The figure rose to 7.3 million accounts in the third quarter of 2016, representing a growth of one million accounts or 15.87 per cent from 6.3 million accounts recorded in the corresponding period of 2014.
The RSA remained the dominant account even in the 2016 third quarter, with 99 per cent of total, with the federal government employees having 1.8 million accounts, followed by the state governments with 1.4 million.
A further breakdown of the RSA accounts revealed that while 5.1 million RSA accounts holders were male and 2.0 million female within the 30-39 years age group.