Improved Economy: Nigerians Fault Buhari’s Indices

Published

3 years ago

January 5, 2022

President Muhammadu Buhari’s assertion that the economy had improved has been opposed by Nigerians.

In his New Year speech, Buhari said his administration recorded significant achievements despite the downturn in local and global economy.

He noted that the lessons learnt from COVID-19 encouraged increased efforts to mitigate its socio-economic effects.

The President mentioned the most recent Gross Domestic Product (GDP) figures released by the National Bureau of Statistics (NBS).

The 4.03% growth recorded in the third quarter of 2021, according to him, confirms recovery, confidence and effective blueprint.

“This recent growth is closely followed by the 5.1% (year on year) growth in real terms recorded by Nigeria in Quarter 2 of 2021.

“This growth was one of the best recorded by any nation across Sub-Saharan Africa. The 5.1% growth at that time remains the highest recorded by the Nigerian economy since 2014”, Buhari stated.

But responding, a civil engineer based in Ibadan, Toba Atolagbe, disagreed with the President, stressing that the economy has become worse, “especially in the last three years”.

The builder advised Buhari against relying on figures on paper, but to meet people on the streets and allow the best brains handle policies.

“His ego is large, a big problem. He should let go of it and put his vice in charge of anything that has to do with the economy.

“We all witnessed how the economy progressed when Yemi Osinbajo took charge”, Atolagbe recalled.

Precious Tombari, a staff of a firm in Rivers, maintained that the government’s position was different from what was obtained nationwide.

The citizen said the rise in the cost of food items, transport, kerosene, gas and other necessities had made life become unbearable for the poor.

“The major success of any government is the provision of cheap livelihood for the masses and this isn’t the case.

“Basic things are now luxury for the ordinary man. There are now few affordable houses, food, amenities, etc.

“This government is a big failure. All they do is come up with ridiculous laws that frustrate the majority of the population.

“All sectors are failing; doctors and tech guys are relocating. The number of people who have left the country since 2015 is an all-time high.”

Tombari urged the government to put in place structures and regulations to help the commoners access the basic things.

Another respondent, Tosin, a fashion designer in Lagos, told the federal government to “get uncomfortable with 2%, 3% growth rates”.

“Nigeria needs to grow by at least 26% for the next 30 years to break away from shambles into abundance”, he advocated.

On Tuesday, Buhari appointed Doyin Salami as his Chief Economic Adviser. He was Chairman of the Presidential Economic Advisory Council (PEAC).

The Associate Professor obtained a Doctorate degree in Economics from the Queen Mary College, University of London.

JUST IN: Dangote Refinery Hikes Petrol Ex-depot Price

Published

1 week ago

June 20, 2025

Editor

Nigerians may soon pay more for petrol as the Dangote Petroleum Refinery on Friday increased its ex-depot price for Premium Motor Spirit to N880 per litre, raising fresh concerns over fuel affordability and price volatility in the downstream sector.

Checks on petroleumprice.ng, a platform tracking daily product prices, and a Pro Forma Invoice seen by The PUNCH confirmed the hike, representing a N55 increase from the previous rate of N825 per litre.

The increment would ripple across the entire fuel distribution chain, likely pushing pump prices above N900/litre in some parts of the country, especially in areas far from the distribution hubs.

The hike comes despite global crude prices falling. Brent crude dipped by 3.02% to $76.47, WTI fell to $74.93, and Murban dropped to $76.97 on Friday. The decline in benchmarks offers little relief due to persistent fears of sudden supply disruptions.

The refinery has increased its reliance on imported U.S. crude and operational costs amid exchange rate instability, which adds to its pricing pressure.

On Thursday, the President of the Dangote Group, Aliko Dangote, said his 650,000-barrel capacity refinery is “increasingly” relying on the United States for crude oil.

This came as findings showed that the Dangote Petroleum Refinery is projected to import a total of 17.65 million barrels of crude oil between April and July 2025, beginning with about 3.65 million barrels already delivered in the past two months, amid ongoing allocations under the Federal Government’s naira-for-crude policy.

Dangote informed the Technical Committee of the One-Stop Shop for the sale of crude and refined products in naira initiative that the refinery was still battling crude shortages, which had led it to resort to imports from the United States.

On Monday, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, accused oil marketers of exploiting Nigerians through inflated petrol prices, insisting that the current pump price of PMS should range between N700 and N750 per litre.

He criticised the disparity between falling global crude oil prices and the stagnant retail price of petrol in Nigeria.

“If you go online and check the PLAT cost per cubic metre of PMS, convert that to litres and then to our Naira, you will see that with crude at around $60 per barrel, petrol should be retailing between N700 and N750 per litre.”

He asserted that if Nigerians bear the brunt of higher fuel costs, they should be allowed to enjoy the benefit of low pricing.

His forecast of increased costs now appears spot on, considering the latest developments.

Marketers are already adjusting. Depot owners and fuel distributors in Lagos and other cities anticipate a domino effect, with new price bands expected to follow Dangote’s lead.

Many had held back pricing decisions since Tuesday, when the refinery halted sales and withheld fresh PFIs. The delay fueled speculation, allowing opportunistic price hikes across various depots.

Business

Naira Appreciates At Official Market

Published

1 month ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

1 month ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.