Petrol Import Bill Declines By 97.5% To N87.40bn In Q1

Nigeria’s petrol import bill declined to N87.40 billion in Q1 2026 from N3.54 trillion in the fourth quarter of 2025 representing a slump  of about 97.5 per cent, or roughly N3.45 trillion less spent on petrol compared with the previous quarter, data from the National Bureau of Statistics (NBS) has shown.
However, on a year-on-year basis, petrol import spending dropped from N2.27 trillion in Q1 2025 to N87.40 billion in Q1 2026 — a drop of about 96.2 per cent, equivalent to roughly N2.18 trillion.
The data also showed that
Petrol’s share of total imports shrank to 0.64 per cent in Q1 2026 from 13.64 per cent in Q1 2025, removing it from the list of the top 10 imported products for t...