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Hardship: Daily Petrol Consumption Crashes by 92% Under Tinubu — Report

Published

12 months ago

October 21, 2024

Daily consumption of Premium Motor Spirit (PMS) or petrol in Nigeria has dropped drastically under one year after President Bola Tinubu assumed office on May 29, 2023.

Data obtained by Channels Television from the Nigerian Midstream and Downstream Product Regulatory Authority (NMDPRA) Daily Truck Out Report for September 2024, showed that consumption as of August 20, 2024, was 4.5 million litres per day.

The daily petrol consumption as of May 2023 was 60, 000 million litres per day, according to the NMDPRA.

An estimation brings daily consumption down by 92 per cent after May 29, 2023.

Analysis of the report, shockingly, revealed that out of the 36 states of the federation, only 16 states got product allocation from the Nigeran National Petroleum Company Limited (NNPCL) in the month under review.

This meant that those states that did not get product allocation suffered scarcity in August.

A breakdown of how NNPCL distributed the products among the 16 states, showed that Niger got the highest allocation of 21 trucks, amounting to 940, 000 litres daily, Lagos got the second highest of 12 trucks amounting to 726, 001 litres, and Kaduna got 12 trucks of 454, 001 litres.

Other states such as Oyo got 12 trucks of 454 litres, Kano 9 trucks, Ondo 6 trucks, Kwara 6 trucks, Edo 4 trucks, and FCT 4 trucks.

The likes of Sokoto state received 4 trucks from the NNPCL, Ogun state got three trucks, Osun three, Gombe one, Benue one, Ekiti one and Kebbi, one truck.

President Tinubu on May 29, 2023, declared an end to petrol subsidies, which at that time had gulped about N12tn in 10 years.

According to the president, payment of petrol subsidies was no longer sustainable as it had plunged the country into huge debts.

Petrol price has since skyrocketed from N195 per litre to about N1300 per litre, pushing up headline inflation to an almost three-decade high of 34.19 per cent in June. It has since slowed to 32.7 per cent in September.

The cost of living has also risen, plunging 129 million Nigerians into poverty, according to the latest data by the World Bank.

According to the global financial body, the over 129 million Nigerians represented a sharp rise from 40.1 per cent in 2018 to 56 per cent in 2024.

The World Bank report read, “With growth proving too slow to outpace inflation, poverty has risen sharply. Since 2018, the share of Nigerians living below the national poverty line16 is estimated to have risen sharply from 40.1 per cent to 56.0 per cent.

“Combined with population growth, this means that some 129 million Nigerians are living in poverty. This stark increase partly reflects Nigeria’s beleaguered growth record. Real GDP per capita has not recovered to the level it was at prior to the oil price-induced recession in 2016.

“The COVID-19 pandemic compounded this drop in economic activity. Moreover, growth is failing to outpace inflation: large increases in prices across almost all goods have diminished purchasing power.”

It added, “Multiple shocks in a context of high economic insecurity have deepened and broadened poverty, with over 115 million Nigerians estimated to have been poor in 2023. Since 2018/19, an additional nearly 35 million people have fallen into poverty, so that more than half of Nigerians (51.1 per cent of the population in 2023) are now estimated to live in poverty.”

A related report by a foreign news medium, AFP, also detailed how Nigerians have since abandoned their cars as a result of the pounding hardship.

“I parked it at my son’s house. I use public transport now,” Emmanuel, a 72-year-old retired health worker, told AFP. “It is not convenient, but it is what the economy demands.”

Car dealers in Lagos and Abuja told AFP that they had seen more and more people trading their fuel-guzzling cars and sports utility vehicles (SUVs) for more efficient vehicles to cut costs.

“People are actually selling their big cars these days,” Maji Abubakar, a car dealer in Abuja, told AFP. “The problem is that even if you put them on the market, there isn’t much demand for them.”

“It has been more than a year since I sold a car with an eight-cylinder engine, and the major reason is the price of petrol,” he added.
ChannelsTV/AFP

Headline

China, US Agree To Resume Trade Talks

Published

6 hours ago

October 18, 2025

Editor

China and the United States agreed on Saturday to conduct another round of trade negotiations in the coming week, as the world’s two biggest economies seek to avoid another damaging tit-for-tat tariff battle.

Beijing last week announced sweeping controls on the critical rare earths industry, prompting US President Donald Trump to threaten 100 percent tariffs on imports from China in retaliation.

Trump had also threatened to cancel his expected meeting with Chinese counterpart Xi Jinping in South Korea later this month on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit.

In the latest indication of efforts to resolve their dispute, Chinese state media reported that Vice Premier He Lifeng and US Treasury Secretary Scott Bessent had “candid, in-depth and constructive exchanges” during a Saturday morning call, and that both sides agreed to hold a new round of trade talks “as soon as possible”.

On social media, Bessent described the call as “frank and detailed”, and said they would meet “in-person next week to continue our discussions”.

Bessent had previously accused China of seeking to harm the rest of the world by tightening restrictions on rare earths, which are critical to everything from smartphones to guided missiles.

US Trade Representative Jamieson Greer also participated in the call, according to the report by Chinese state news agency Xinhua.

Hours before the call, Fox News released excerpts of an interview with Trump in which he said he would meet Xi at the APEC summit after all.

Trump told the outlet that the 100 percent tariff on goods from China was not sustainable.

“It’s not sustainable, but that’s what the number is… They forced me to do that,” he said.

The high-level video call came as Washington worked to rally Group of Seven finance ministers in response to the latest Chinese export controls.

For now, the G7 ministers have agreed to coordinate a short-term response and diversify suppliers, the EU’s economy commissioner Valdis Dombrovskis told reporters in Washington.

Speaking after the grouping met this week, Dombrovskis noted the vast majority of rare earth supplies come from China, meaning that diversification could take years.

“We agreed, both bilaterally with the US and at the G7 level, to coordinate our approach,” he said on the sidelines of the International Monetary Fund and World Bank’s fall meetings.

Countries would also exchange information on their contacts with Chinese counterparts as they work out short-term solutions, he added.

German Finance Minister Lars Klingbeil told journalists he hopes that Trump and Xi’s meeting can help to resolve much of the US-China trade conflict.

“We have made it clear within the G7 that we do not agree with China’s approach,” he added, referring to the group of Britain, Canada, France, Germany, Italy, Japan and the United States.

International Monetary Fund chief Kristalina Georgieva also expressed hope Friday for an agreement between the countries to cool tensions.

The US-China trade war reignited this year as Trump promised sweeping tariffs on imports soon after returning to office.

At one point, US-China tariffs escalated to triple-digit levels, effectively halting some trade as businesses waited for a resolution.

The two countries have since lowered their respective levies, but their truce has remained shaky.

AFP

Headline

Morocco Jails Student One Year Over Gen Z Protest

Published

1 day ago

October 17, 2025

Editor

A student arrested during Morocco’s youth-led protests has been sentenced to one year in prison, his lawyer told AFP on Friday.

The case marks the first publicly known prison sentence linked to the kingdom’s Gen Z demonstrations, which have been held near-daily between late September and last week to demand social and political reforms.

The student was charged with “participating in an unauthorised and unarmed gathering” and “insulting the judicial police by providing false information”, lawyer Mohamed Nouini said.

“The ruling is unfair, and we will appeal,” he added, arguing that sit-ins did not require authorisation as per a Supreme Court precedent.

The lawyer said his client was arrested on September 30, three days after the protests erupted in the North African country.

According to a report by news website Hespress, citing another lawyer, the student’s arrest was “an unfortunate coincidence” as he was in Casablanca for a family visit.

The other lawyer, Mohamed Lakhdar, told the judge the student had “not insulted” police nor provided false information, telling them he “was just a student”, according to the report.

Hundreds were arrested during the early days of the largely peaceful demonstrations.

Some cities had seen spates of violence and acts of vandalism, while authorities have said three people were killed by police acting in “self-defence” during clashes in a village near Agadir.

The Moroccan Association for Human Rights (AMDH) has said roughly 550 people are facing prosecution on suspicion of joining the protests, with some still in detention.

The organisers of the online-based movement behind the nationwide protests, the GenZ 212 youth collective, remain unknown.

The collective has called for “peaceful sit-ins” on Saturday and demanded the release of those arrested during the demonstrations.

The protest came after the deaths of eight pregnant women during Caesarean sections at a hospital in Agadir.

But protesters have also demanded reforms to the education system and a change of government.
AFP

Headline

Trump Refiles $15bn Defamation Lawsuit Against New York Times

Published

2 days ago

October 17, 2025

Editor

US President Donald Trump has refiled a $15 billion defamation lawsuit against The New York Times, court documents show, weeks after it was thrown out by a federal judge.

Trump has intensified his long-established hostility toward the media since his return to the White House, and the suit is one of numerous attacks against news organizations he accuses of bias against him.

The Times’ complaint was thrown out in September because District Judge Steven Merryday took exception to its florid writing, repetitive and laudatory praise of Trump, and its excessive 85-page length.

The suit filed Thursday in Florida and seen by AFP runs to less than half the length, at 40 pages.

It takes aim at “false, defamatory, and malicious publications”, highlighting a book and two Times articles.

The lawsuit named the newspaper, three Times reporters and the publisher Penguin Random House as defendants.

It accuses them of making defamatory statements against Trump “with actual malice.”

“The statements in question wrongly defame and disparage President Trump’s hard-earned professional reputation, which he painstakingly built for decades” before entering the White House, the lawsuit says.

The court was asked to grant compensatory damages of not less than $15 billion and additional punitive damages “in an amount to be determined upon trial.”

Trump’s attacks on media outlets have seen him restrict access, badmouth journalists critical of his administration, and bring lawsuits demanding huge amounts of compensation.

In July, Trump sued media magnate Rupert Murdoch and The Wall Street Journal for at least $10 billion after it reported on the existence of a book and a letter he allegedly sent to sex offender Jeffrey Epstein.

Paramount settled Trump’s lawsuit over election coverage on CBS News’ flagship show “60 Minutes” for $16 million the same month. He had alleged that the program deceptively edited an interview with his 2024 election rival, Kamala Harris, in her favor.

AFP