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From Fuel Costs To Passport Fees, Nigerians Struggle Under The Yoke Of Price Hikes [FULL LIST]

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Since President Bola Tinubu assumed office in May 2023, Nigeria has seen significant increases in the prices of various essential goods and services, affecting the cost of living for millions.

These hikes, attributed by the government to necessary economic reforms, have sparked widespread debate and concern.

While the government argues that these increases are necessary for economic reforms and sustainability, they have undeniably contributed to the rising cost of living.

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The PUNCH highlights a list of major items and services that have seen price hikes during Tinubu’s administration.

1.⁠ ⁠Fuel price surge

One of the most significant and controversial price hikes has been in fuel. Following the removal of the fuel subsidy in May 2023, the price of Premium Motor Spirit, commonly known as petrol, soared. The pump price jumped from around ₦185 per litre to over ₦500 per litre, with reports of prices reaching ₦700 per litre in some areas. This surge has had a ripple effect on transportation costs, food prices, and overall inflation.

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READ ALSO: Stakeholders Advocate Retraining, Better Remuneration For Policemen At CLEEN Foundation’s Workshop

2.⁠ ⁠Electricity tariffs increase

Electricity tariffs also saw a sharp rise. The Nigerian Electricity Regulatory Commission approved a tariff increase for Distribution Companies (DisCos), raising the tariff for Band A customers from ₦68/kWh to ₦225/kWh, a staggering 240% increase. According to the government, this move, which took effect in April 2024, aims to save the government ₦1.5 trillion by removing subsidies on electricity for this customer category. However, the hike has significantly added pressure on household expenses.

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3.⁠ ⁠Passport fee hike

The Federal Government approved an upward review of passport fees, effective from September 1, 2024. According to a statement by the Nigeria Immigration Service (NIS), the cost of a 32-page passport booklet with five-year validity increased from ₦35,000 to ₦50,000, while the 64-page booklet with ten-year validity rose from ₦70,000 to ₦100,000. The NIS stated that the hike was necessary to maintain the quality and integrity of the Nigerian passport.

4.⁠ ⁠Rising cooking gas prices

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Cooking gas prices have continued to climb. As of March 2024, the average cost to refill a 5kg cylinder of Liquefied Petroleum Gas (LPG) increased by 7.10% from February, reaching ₦6,591.62. Year-on-year, this marks a 42.97% increase from ₦4,610.48 in March 2023. The National Bureau of Statistics attributed this rise to various economic factors, including higher import costs.

READ ALSO: FULL LIST: 2023/24 PFA Premier League Team Of The Year, Others

5.⁠ ⁠Higher transportation costs

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Transportation costs have significantly increased, largely driven by the fuel price hike. Public transportation fares in cities like Lagos and Abuja have doubled or even tripled. For example, the average bus fare from Berger to Mowe increased from ₦300 in March 2023 to ₦500 by August 2024. This surge has made commuting and intercity travel considerably more expensive for Nigerians.

6.⁠ ⁠Food price inflation

Food prices, already on the rise due to inflation and insecurity, have been further exacerbated by the removal of the fuel subsidy. The increased transportation costs have directly impacted the prices of staples such as rice, beans, and maize, placing additional strain on household budgets across the country.

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7.⁠ ⁠Tuition fee increase

Tuition fees in several federal universities have also been hiked. For instance, the University of Lagos raised its tuition fees from around ₦19,000 to ₦190,250 for medical students and ₦140,250 for other courses. This substantial increase, announced in July 2023, has sparked protests among students and concerns over access to affordable education.

PUNCH

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Ex-Edo Gov Obaseki Reacts As His Cousin Is Beaten, Stripped

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The immediate past governor of Edo State, Godwin Obaseki, has reacted to the attack on Don Pedro Obaseki, the Chief Executive Officer of Osamudia Farms.

Don Pedro Obaseki, a cousin to the immediate past governor was attacked at Uwa Primary School where he went to play football.

In a viral video, Pedro Obaseki is seen kneeling at the Oba of Benin Palace gate, before he was dragged into the palace where he was asked to crawl before some chief walked up to the scene and rescued him.

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Reacting, the ex-Edo governor described the act as a “grave violation of fundamental human rights and a reckless disregard for the rule of law.”

READ ALSO: Obaseki Beaten, Stripped In Edo

Obaseki, said: “I call on security agencies to immediately investigate this matter thoroughly and transparently, identify those responsible for this barbaric act and ensure they are held accountable in accordance with the law.

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“A situation where thugs and non-state actors appear to freely take the law into their own hands on behalf of high-profile individuals and those in positions of authority can only result in one outcome, a degeneration into a state of anarchy, which will do no one no good.”

He further charged, “I urge human rights organizations, civil society groups, and all well-meaning Nigerians to lend their voices and speak out firmly against this injustice and gross violation of human rights.”

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New Tax Laws: Suspend January 2026 Implementation — Senator Ndume Tells Tinubu

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Former Senate Leader, Ali Ndume has appealed to President Bola Ahmed Tinubu to suspend the January 1, 2026, implementation of the country’s new tax laws amid growing controversy.

The federal lawmaker made the appeal in a statement he issued on Wednesday in Abuja.

This comes as the Nigerian Bar Association demanded the suspension of the implementation.

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Recall that a member of the House of Representatives, Abdussamad Dasuki, had last week called the Parliament’s attention to alleged alteration to the tax laws.

READ ALSO:FIRS Confirms NIN As Tax ID

Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, in an interview on Arise Television on Wednesday, called for calm over claims of alterations in tax laws and urged Nigerians to allow lawmakers to complete their investigation before drawing conclusions.

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Speaking on the ongoing controversy about the tax laws, Ndume noted that proceeding with the implementation without getting to the root of the alleged forgery will create a legitimacy challenge for the tax laws.

His statement read, “With the controversy surrounding it, the President should constitute a team to verify the veracity of the claim and act accordingly.

“As the responsive leader that he has always been, he should look at it to find out if the copy that was signed and the claim of alterations are genuine so that he will do the needful to bring the controversy to rest.

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READ ALSO:US Threatens To Sanction Countries That Vote For Shipping Carbon Tax

“If not, the controversy will continue.” That is to say, the tax law will not be implemented, because you can’t build on nothing.

“So, Mr. President should suspend the implementation until the issues are resolved because so many civil society organizations, the Arewa Community, and the Nigerian Bar Association are saying that he should withdraw the tax law and investigate the allegation of forgery.”

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“Therefore, Mr President should get to the root of the allegation of forgery. The small committee that will be set up should look into it while the House of Representatives does its own.”

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Tambuwal Engages Security Agencies As US Airstrikes Hit Own LG In Sokoto

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Senator Aminu Waziri Tambuwal, representing Sokoto South, has called on residents of Sokoto State to remain calm following reports of United States airstrikes targeting ISIS-linked terrorists on Christmas Day.

In a statement posted on his personal X account, the former Sokoto State governor said he was aware of reports concerning the airstrikes, which marked a direct US military action in Nigeria based on intelligence about ISWAP threats, and urged citizens to remain law-abiding while authorities clarify the situation.

“I have noted the reports concerning an airstrike carried out as part of ongoing counterterrorism efforts through cooperation between the federal government of Nigeria and the United States,” Tambuwal said. “I urge our communities to remain calm and law abiding as relevant authorities clarify the circumstances surrounding the operation.”

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READ ALSO:US Dept Of War Shares Video Of Air Strikes In Nigeria

Tambuwal assured constituents that he was engaging with relevant security agencies to obtain full details of the operation and to ensure that necessary things were in place to protect civilians.

I wish to assure the people of Sokoto South that I am in active talks with relevant security authorities to obtain full details and ensure that all necessary safeguards are upheld,” he added.

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The senator emphasised that counterterrorism operations were aimed strictly at criminal and terrorist elements threatening public safety, not innocent civilians who are often victims of insecurity. He stressed that the protection of civilian lives must remain central to all legitimate security actions.

He further called on community leaders, traditional institutions and residents to work closely with security agencies by sharing credible intelligence and resisting misinformation capable of causing fear or heightening tension.

 

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