Connect with us

News

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

Published

on

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.

Advertisement

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

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

1.⁠ ⁠Fuel price surge

Advertisement

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.

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

2.⁠ ⁠Electricity tariffs increase

Advertisement

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.

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.

Advertisement

4.⁠ ⁠Rising cooking gas prices

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

Advertisement

5.⁠ ⁠Higher transportation costs

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

Advertisement

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.

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.

Advertisement

PUNCH

Advertisement
Advertisement
Comments

News

FG Security Agency, Nigerian Army Move To Tackle Illicit Small Arms, Light Weapons

Published

on

By

The National Centre for the Control of Small Arms and Light Weapons (NCCSALW), Northeast Zonal Centre, under the Office of the National Security Adviser to the President has partnered with the Nigerian Army to fight the menace of the proliferation of illicit small arms and light weapons in the country.

Speaking during a courtesy visit to Brig.-Gen. U.V Unachukwu, the General Officer Commanding (GOC) 7 Division, Nigerian Army Headquarters in Maiduguri on Wednesday, Maj-:Gen Abubakar Adamu (Rtd), the Northeast Zonal Coordinator, NCCSALW Northeast Zonal Centre, said the collaboration was necessary in mopping up Small Arms and Light Weapons (SALW) in the Zone.

Advertisement

While stating the negative impact the proliferation of illicit SALW has on peaceful coexistence in the nation and its socio-economic activities, Adamu pledged the Centre’s continuous cooperation with the Division especially in intelligence sharing which he said, was paramount in preventing the proliferation of this SALW in the country.

READ ALSO: FG Predicts Heavy Rainfall, Flood In Seven States

“One of our responsibilities is to prevent the proliferation of small Arms and Light Weapons and to also enlighten the people. We are a multi agency department and we have the police, the DSS, and also retired military officers as well as serving military officers.

Advertisement

“We have been empowered to receive all illicit small arms and light weapons that have been retrieved from all the agencies and we are the people responsible to destroy them

“We are also the only organization empowered to prosecute gun runners and all the people that have been arrested in terms of dealing with small arms and light weapons.

“What we are doing is to visit major stakeholders and to also share intelligence, information and to collaborate because we know without the armed forces, there is no way we can eradicate the proliferation of small Arms and Light Weapons,” he said.

Advertisement

READ ALSO: FG Predicts Heavy Rainfall, Flood In Seven States

He further commended the Nigerian Army for always being at the forefront in ensuring that country is safe for all to live in, promising to strengthen the partnership in order to further make the country a better place for all to live.

Responding, Brig.-Gen. U.V Unachukwu promised the Division’s support to the Zonal Centre so as to achieve its mandate while recalling the pass records of the Zonal Director as a result-oriented senior officer.

Advertisement

He also commended the Centre for working hand in hand with all the security agencies, traditional rulers and key stakeholders, adding that this would go a long way in mopping up and tackling the proliferation of illicit Small Arms and Light Weapons in the country.

Advertisement
Continue Reading

News

Arrears: AAU Management Replies ASUU Over

Published

on

By

The management of Ambrose Alli University Ekpoma has responded to a recent publication by the Academic Staff Union of Universities (ASUU), AAU Chapter, alleging that the Acting Vice-Chancellor, Professor Sunday Olowo Samuel, claimed to have cleared all staff arrears.

A statement issued by Otunba Mike Aladenika, Principal Assistant Registrar and Head of Information, Protocol, and Public Relations, described the claim by ASUU as far from the truth.

Advertisement

Aladenika said the Acting Vice-Chancellor’s 31-paragraph address to journalists did not state that all outstanding salary arrears had been paid.

He noted that instead, the VC emphasized the administration’s commitment to gradual liquidation of these arrears.

READ ALSO: AAU Acting VC Meets With Journalists, Rolls Out Achievements

Advertisement

According to the imagemaker of the university, the Vice-Chancellor, in his speech, rather highlighted prompt payment of salaries and pensions as a hallmark of his administration, and noted that the university had implemented the new minimum wage of N70,000 as soon as it was approved.

Aladenika questioned where ASUU got their information from, given the Acting Vice-Chancellor’s clear statements.

“It’s worth noting that when the current administration took over, ASUU members were owed over 35 months in arrears.

Advertisement

“However, the debt has since been reduced as those owed 35 months and above were paid 10 months emblock in the 1st tranch, while in the 2nd tranch, those owe 20-months and above were also paid 10 months salary arrears, emblock. Apart from individuals among them who got paid on personal requests, the payment of the backlogs is still ongoing as various applications on salary arrears are been attended to, demonstrating the management’s commitment to gradual payment.

READ ALSO: Okpebholo Approves Construction Of 500-room Hostel For AAU

“On the issue of the 13th month salary, it’s essential to clarify that this has never been a right, but rather a subject of tripartite negotiations between workers, management, and the state government. There has been no prior agreement or understanding on this matter, and it has always been a point of negotiation for our unions.

Advertisement

“It’s worth noting that the university has never paid 13 months’ salary in a 12-month financial year. However, this doesn’t mean that the management is opposed to negotiations on the matter. Rather, we believe that it’s essential to approach such discussions in a constructive manner, rather than using it as a bargaining chip for blackmail.

“The management is open to negotiations, but we urge all parties to engage in good faith and avoid misrepresentations.”

Advertisement
Continue Reading

News

US Court Sentences Osun Monarch To Prison Over $4.2m Fraud

Published

on

By

A United States District Court has sentenced the Apetu of Ipetumodu in Osun State, Oba Joseph Oloyede, to four years and eight months imprisonment over a $4.2million COVID-19 relief fraud scandal.

Justice Christopher Boyko while delivering the sentence on Tuesday, also ordered the monarch to pay $4.2 million in restitution.

Advertisement

According Osun Defender, the monarch was also ordered to pay the sum of $195,000 to the IRS for filing a false tax return.

Justice Boyko also ordered Oloyede to forfeit $96,000 in money seized from his bank account and his home on Foote Road that he bought in 2021 for $130,000.

READ ALSO: US court Jails Five Nigerians 159 Years For $17m Fraud

Advertisement

Boyko said Oloyede was a “very smart guy who did a lot of stupid things.”

Oba Oloyede, a US-based accountant and information system expert, was appointed the new Apetu in July 2019.

The monarch was arrested alongside alongside Nigerian pastor, Edward Oluwasanmi in early 2024 for their roles in a scheme to fraudulently obtain $4.2m in COVID-19 relief funds.

Advertisement

The two men were charged with 13 counts of conspiracy to commit wire fraud, wire fraud, conspiracy to defraud, money laundering, and engaging in monetary transactions in criminally derived property.

Advertisement
Continue Reading

Trending

Exit mobile version