Business

Rising Cost Of Tomato: Households Adopt Weird Alternatives To Make Stew

Published

1 year ago

June 24, 2024

Nigerians are coming to terms with the rising cost of living, as everyday spews out new problems deserving a survival strategy.

One of such problems is the high price of tomato, pepper and onion.

These combos can’t be exempted from 80 per cent of Nigerian delicacies.

But now, it is no longer new that a N1,000 tomato consisting of five medium-sized pieces can not prepare a full pot of sauce for a household of three people for a week.

Vanguard found that many women have been struggling with various methods to complement rice, yam and other delicacies that are not complete without stew.

For Mrs. Gladys Maxwell, a tailor, she made use of N1,000 cucumber to complement her yam and rice sauce, after watching a presentation of such online.

“I have tried using cucumber to prepare sauce, just like tomato.
“I saw the demonstration on-line and followed the steps.

“I added fresh pepper and used palm oil to make it red in colour.

“It was good. My pot was full. Imagine replacing tomato sauce with cucumber mix.

“Cucumber is also vegetable.
“I had to tell a friend to adopt the strategy.

“I made my family to finish the meal before I revealed the combination that made the sauce on their rice. They were surprised.

“It’s good we try new things to survive in this country, because I doubt the price of tomato and peppers will come down soon.”

Mrs. Hannah Mayowa, a Point of Sale, PoS, agent, said she tried replacing tomato sauce with cabbage and beetroot.

“I was with a friend a few weeks ago. I complained bitterly about how I struggle to manage money to prepare tomato sauce weekly for my family.

“You know that many families in Nigeria, especially Lagos State, have this tradition of preparing rice and tomato sauce every Sunday.

“My family happened to fall into such a category.

“My friend told me to try cucumber or cabbage and beetroot stew.

“She sent the videos to me and I decided to do that of carrot and beetroot.

“After boiling and blending them, the outcome was like the sachet tomato paste we buy in the market.

“I was shocked and at the same time happy that I found a solution to my worries with just N2,000.

“I have tried using carrot but the taste I don’t like and it makes my last child visit the toilet a lot.

“I pray the price of tomato drops. There is nothing like it when preparing sauce.”

Mrs. Modupeoluwa Adebowale, a trader, said she had a taste of cucumber sauce and doesn’t like it.

She added: “I decided to use our old solution which was the use of dried habanero pepper. I soaked it till it softened and blended it with enough onion to fine-tune its taste. Then I add sachet tomato paste. My sauce is ready.

“The habanero pepper is known to thicken sauce.”

However, the replacement of tomatoes using other alternatives for preparing sauce has affected tomato sellers and grinders in the market.

Mrs. Rahimot Mojeed, a fresh tomato seller, said: “Since the price of tomato and pepper increased, sales have dropped.

“Before, when there was a drop in supply of tomatoes due to the out of season effect, people still managed to buy.

“But now, there is nothing like that. I heard people now use cucumber, carrot and cabbage to prepare sauce the most. Some even use “ata gbigbe” meaning dry habanero pepper and sachet tomato paste to prepare stew for rice.

“I now buy tomatoes in little quantities because it is a perishable good and it’s now expensive. When it softens, it will result in a huge loss for me as there’s less patronage.”

Miss Patience Oboh, a pepper grinder said she patronized the market asking those buying tomatoes to allow her to blend it for a N200 fee.

“In a day, I have up to 20 people who I blend tomatoes for.

“Since the price of tomatoes increased, I hardly get 10 customers.

“I now have to roam the market searching for those who are interested in blending their tomatoes of which many decline saying,

“I will use my blender at home. The way tomatoes are expensive now, I can’t allow your machine to consume half of it all in the name of blending.”

“It is a phase. I believe it will pass.”

SOURCE: VANGUARD

Business

Tinubu Approves 15% Import Duty On Petrol, Diesel

Published

2 days ago

October 30, 2025

Editor

President Bola Tinubu has approved a 15 percent ad-valorem import duty on diesel and premium motor spirit (PMS), also known as petrol.

This was announced in a letter dated October 21, 2025, where the private secretary to the president, Damilotun Aderemi, conveyed Tinubu’s approval to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Tinubu gave his approval, following a request by the FIRS to apply the 15 percent duty on the cost, insurance and freight (CIF) to align import costs to domestic realities.

With the approval, the implementation of the import duty will increase a litre of petrol by an estimated N99.72 kobo.

The latest development has led to the Nigerian National Petroleum Company Limited (NNPCL) announcing that it has begun a detailed review of the country’s three petroleum refineries, with a view to bringing them back online.

NNPCL Group Chief Executive Officer (GCEO), Bayo Ojulari, made the announcement in a post on his official X handle on Wednesday night.

According to Ojulari, one of the options being explored by the NNPCL is to search for technical equity partners to ‘high-grade or repurpose’ the facilities.

Tagged: “Update on Our Refineries”, Ojulari said: “The NNPCL continues to remain optimistic that the refineries will operate efficiently, despite current setbacks.”

It can be recalled that despite spending about $3 billion on revamping the refineries, only the 60,000 barrels per day portion of the facility worked skeletally for just a few months before packing up.

The Warri refinery has remained ineffective weeks after it was gleefully announced to have returned to production, while the one situated in Kaduna State never took off at all.

Business

NNPCL Raises Fuel Price

Published

3 weeks ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.

Business

CBN Directs Banks To Refund Failed ATM Transactions Within 48hrs

Published

3 weeks ago

October 11, 2025

Editor

The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system.

The directive is contained in a draft guideline released by the apex bank on Saturday, titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”

The document, signed by Musa I. Jimoh, Director of Payments System Policy Department, was circulated to banks, payment service providers, card schemes, and independent ATM deployers, with a call for stakeholder feedback by October 31, 2025.

Under the draft, failed “on-us” transactions, where customers use their own bank’s ATM, must be reversed instantly. If technical glitches prevent immediate reversal, the bank is required to manually refund the customer within 24 hours.

For “not-on-us” transactions, involving other banks’ ATMs, refunds must be processed within 48 hours.

“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the circular stressed.

In a significant shift, the CBN mandated banks and ATM acquirers to deploy technology that automatically reverses failed or partial transactions, removing the need for customers to lodge complaints.

Institutions holding customer funds due to failed disbursements must reconcile and return balances immediately.

According to the apex bank, these measures respond to widespread frustration over delayed refunds and poor customer service and form part of a broader effort to enhance consumer protection, improve reliability, and modernise Nigeria’s payment infrastructure in line with global standards.

The guidelines will also overhaul ATM operations nationwide. Banks and card issuers are now required to deploy at least one ATM for every 5,000 active cards, with phased targets of 30% compliance in 2026, 60% in 2027, and full compliance by 2028. Any future deployment, relocation, or decommissioning of ATMs must receive prior approval from the CBN.

To ensure safety, ATMs must be fitted with anti-skimming devices, CCTV cameras, and placed in enclosed or well-lit areas.

Machines are expected to comply with Payment Card Industry Data Security Standards, maintain audit logs, and display functional helpdesk contacts. At least 2% of all ATMs must feature tactile symbols for visually impaired customers.

ATMs are also required to dispense cash before returning cards, allow free PIN changes, issue receipts for all transactions except balance inquiries, display clear transaction fees, dispense only clean banknotes, and provide backup power to reduce downtime.

Downtime must not exceed 72 consecutive hours, after which operators must inform the public of the cause and expected restoration time.

The CBN will enforce compliance through regular audits, on-site inspections, and monthly reports from ATM operators detailing deployments and locations. Defaulting institutions risk sanctions, though fines were not specified.

The apex bank explained that the overhaul was necessary due to rising complaints about failed transactions, cyber fraud, and declining service quality, noting that “the goal is to build a payments system that works seamlessly for everyone, urban and rural users alike.”

Nigeria’s electronic payments landscape has grown rapidly in recent years, with 200 million cardholders and rising reliance on digital banking, but network failures, poor infrastructure, and delayed reversals have continued to undermine confidence.

The fresh guidelines, coming eight months after a revision of ATM fees, are expected to streamline service delivery, enhance transaction security, and hold banks accountable. Stakeholders are invited to submit feedback ahead of the final policy adoption, which could take effect before the end of the year.