Business

Inflation: Where Are We Going From Here? [OPINION]

Published

2 years ago

February 6, 2024

Richard Asoge

Nothing depresses a man of the house like waking up early in the morning in preparation for the task of the day but not without doing all mathematical economics considering the size of his lean pocket. His take home can no longer take him to the bus-stop not to talk of providing for his households. Same applies to CEO of various small and medium scale enterprises. On daily basis, if not on hourly business transactions, he does calculations on overheads, cost of replacement of raw materials or ordering to arrive at fair price of each of the items available for sale so that the firm will not go under. The worst hit are the salary earners whose salary hardly changed. All these mathematical economics on daily basis would not have been necessary if the prices of goods and services were relatively stabled and not dangling like water lettuce on the sea.

We are in dire situation where you keep racking your brain on calculations over the price for the meal of the day, the transport fare or cost of putting your car on the road and other basic things that define the existence of humanity. You keep adjusting your spending downward until a point where it is no longer possible. The calculations you used in the last 24hours for buying some items of goods are no longer reliable just because the prices have move up almost immediately. Where are we going from here?

For any economy to have not just growth but sustainable development, inflation must be well monitored and guided. As a matter of fact, it should not go beyond the threshold of single digit. Going by the report of NBS for November 2023, inflation rate was 28.2 percent. Breaking it down further, inflation in food sector is leading the component to the historical level of 32.8 percent. This should be a concern to every right thinking individual and institution, be it local or foreign.

FROM THE AUTHOR: 2024 Budget: What Average Nigerian Wants?

Statutorily, the primary responsibility of the CBN as an institution is price stability. Every other function comes after price stability. This is a serious challenge to the monetary regulatory authority. Continuous failing in the purchasing power of naira can make one interact with the history of dark days of trade by barter.

Unsatisfying taste for foreign goods and services contributed in no small scale to the persistence fall in the value of naira. It will always be in that trend until we roll up the sleeves of our shirts for production and create value on our local products in such a way that those living outside the shore of Nigeria can not take their eyes off them. This will in turn bring in the foreign currency needed for settling international transactions. The proceeds of crude oil, being the major item for exportation that generates foreign exchange, is no longer enough to keep us in a good liquidity position as a country. How better the country would have been if leaders of various groups and opinion molders can demonstrate high level of patriotism by not just believing in Nigeria products but buy and use them. The effect will trickle down to the common man on the street.

In 2017, during one of the medical vacations of the President Mohammed Buhari, his Vice, Yemi Osinbajo signed three executive orders. One was on ease of doing business. Within 30 days, there was respite. There was fresh breath across the length and breadth of the country. Infact, exchange rate came down. This well thought out approached endeared many people to him till date. Is it not time for President Tinubu to sign appropriate executive order(s) and activate necessary machineries to alleviate the suffering of the citizens and rescue the small and medium scale enterprises that are currently gasping for breath? Whatever happens to the small and medium scale enterprises has its implication on the economy. Nigeria can not afford to add to the current high level of unemployment. No government anywhere in the world can provide jobs for all its citizens but putting necessary framework in place gingers small and medium scale enterprises not only to prosper but engage all that are willing to work.

FROM THE AUTHOR: Subsidy Removal: A Measure To Re-Jig The Economy [OPINION]

The Recent killing of two kings and kidnapping of staff and students of a private secondary school in Emure Ekiti, Ekiti Sttate, is a strong justification for supporting local vigilante called Amotekun to bear light weapons against these marauder killers and evil doers. In the time past, nobody dare looked into the eye of a traditional king not to talk of pointing gun at him. Such a fellow will not live to tell the story.

Fountain of knowledge state is known for intellectual prowess and farming. Each family had farm until recently when farms are no longer safe. This is why hunger is on the faces on the people not only in the state but across the country. We can not continue to use the same approach on a knotty issue and expect different result. It is time to have special court to try kidnapping cases with a timeline to conclude the case. Whoever is found culpable must be sentenced to death without option. This will naturally bring down the incidence if not total eradication.

Negotiation and Implementation of new minimum wage by the federal government and others are long overdue. No matter the amount agreed upon by the parties concern may just be like a medicine to the symptoms and not the root cause. In a matter of months, the money would have lost its value and then back to where we were coming from.

I look forward to seeing our president, President Bola Tinubu working round the clock for the poor to breath and as well secure the country before it fails.

Richard Asoge
Clappahouse Analytics
chards001@gmail.com
08081492614.

Business

Dangote Fuel Sells Cheaper In Togo Than In Nigeria – Falana Laments

Published

3 days ago

September 15, 2025

Editor

Human rights activist Femi Falana, SAN, has lamented that fuel taken from Dangote is cheaper in Togo than in Nigeria.

Falana expressed his concerns on Sunday while responding to questions in an interview on Politics Today, a programme on Channels Television.

He urged the federal government to review the proposed 5 per cent fuel surcharge and ensure that further hardship is not imposed on Nigerians.

“I guess the government wants to go back to the drawing table and ensure that it is not accused of multiple taxes or double taxation because consumers will pay VAT for buying fuel. They will now put an additional 5 per cent tax.

“I think this is what Nigerians are complaining about. And from what we just read today is that the Dangote fuel taken from Nigeria is now cheaper in Togo than in Nigeria I think about 65 naira.

“So, the government will have to review these developments (the proposed 5 per cent fuel surcharge) and ensure more hardship is not imposed on Nigerians,” he said.

Business

Falana Reveals Those Behind Subsidy Removal

Published

3 days ago

September 15, 2025

Editor

A Senior Advocate of Nigeria, Femi Falana, has once again criticised President Bola Tinubu’s removal of the fuel subsidy.

Speaking in an interview on Sunday’s Politics, a programme on Channels Television, the human rights activist stated that no country in the world has completely abolished subsidies.

“There’s no way you can remove subsidy completely. No country in the entire world has abolished subsidies completely.

“Even leading Western countries like the United States, the United Kingdom, France and others subsidise electricity, agriculture, and many aspects of the lives of their people.

“So, when the Nigerian Government said it was removing subsidies, as a matter of fact, if I must say this, it was the World Bank and the International Monetary Fund, IMF, that insisted that the government must remove all subsidies,” he said.

Business

‘We Like Greek Gifts,’ Nigerians Blast NUPENG Over Dangote’s Fuel Price Reduction

Published

5 days ago

September 13, 2025

Editor

The decision of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) to warn Nigerians against accepting Dangote Refinery’s recent fuel price reduction has drawn heavy backlash on social media, with many citizens mocking the union and embracing what they described as “much-needed relief.”

Dangote had announced lower petrol pump prices in several states alongside a new scheme to deploy compressed natural gas (CNG) trucks directly to filling stations, a move expected to reduce logistics costs.

But NUPENG dismissed the offer as a “Greek gift,” alleging that the refinery was undermining workers’ rights, sidelining the union, and pushing drivers into a rival association.

However, netizens have lambasted the union, querying that during hard times, NUPENG has never supported the masses.

On X (formerly Twitter), Nigerians quickly turned NUPENG’s warning into a trending topic, using humour and sarcasm to lampoon the union.

Oloye Somorin Osifeso (@OloyeSomorin) wrote: “We like Greek gifts in my garage.”

Just Jude (@JustJude) asked bluntly: “Is it your deception?”

Oladele (@Oladele) quipped: “As Dangote Refinery dey offer Nigerians Greek gift, why can’t NUPENG too offer Nigerians French gift?”

Agbalaka (@Agbalaka) queried: “Can they tell Nigerians what exactly they are fighting about?”

CBN Gov Akinsola (@Akinsola) joked: “Then give us Trojan gift now 😆. Man do man. Man no go vex.”

Omobalaji (@Omobalaji) teased: “NUPENG, oya surprise us with Arabian gifts.”

Habdulakeem Bahdmus (@BahdmusHabdulakeem) added: “If Dangote is showering Nigerians with Greek gift, NUPENG can also set up a Roman gift now.”

Femi Yekinni (@FemiYekinni) steered it back to reality: “We thank them for their advice. Now, @DangoteGroup pls how do we schedule deliveries to Badagry?”

Curtis Abbi (@CurtisAbbi) slammed the union: “Nigerians will manage the Greek gift. @officialNUPENG9, what gift have you given Nigerians in your entire years of existence? NUPENG should offer Nigerians their own Somalian gift 🤣.”

Akin Adejola (@AkinAdejola) echoed the sentiment: “LOL. I can bet Nigerians don’t mind the gift. NUPENG should gift Nigerians same ‘Greek gift’ too if they have any goodwill. NUPENG is the enemy of progress in the oil & gas sector.”

Adeola Akinwande (@adeolarewaju9) criticised union leaders: “Does NUPENG remember Nigerians at hard times? They have all failed Nigerians the same way the @NLCHeadquarters has failed. They are living big on unionism and cashing out big time. Without unionism, some of their excos are nobody. They should stop the crocodile tears.”

Okunwa U. U. Azikiwe (@OkunwaUUazikiwe) argued: “Competition has created jealousy by the previous monopoly in the sale of fuel. They have lost control, and it is paining them that they are no longer in control. SMH!!!”

Solihull Abdulkareem (@SolihullAbdul) chipped in: “NUPENG or whatever, do you want the market to be monopoly? You’ve been doing what you want for many years. It’s time for change, just accept it and move forward.”

Temidayo (@Temidayo) asked: “It’s a lie. What benefits has your union provided for Nigerians? Middlemen syndrome has been room for corruption. Your association should go and buy shares in Dangote and work together to make Nigeria great.”

And LegalTech Sam Akanbi (@SamAkanbi) summed up: “Nigerians no longer want your Nigerian gift, we want the Greek gift. If you have a better offer, we’d abandon Dangote’s Greek gift and take yours. But for now, let the Greek gift go round.”

Recall that NUPENG earlier alleged that Dangote Refinery was forcing truck drivers to abandon its union for a rival group, the Direct Trucking Company Drivers Association (DTCDA).

The union also accused Dangote of undermining collective bargaining rights and violating a Memorandum of Understanding (MoU) signed under government supervision.

Dangote, however, denies the claims, insisting that union membership remains voluntary and that its delivery scheme is designed to cut costs and ease supply.

The federal government has intervened, with the Ministry of Labour and the Department of State Services mediating between both parties.