Nigerians are grappling with the financial strain brought on by the economic reforms implemented by President Bola Tinubu since his inauguration on May 29, 2023.
As reported by Naija News, Tinubu announced the immediate termination of the fuel subsidy during his swearing-in ceremony, which caused the price of petrol to skyrocket from under ₦200 to approximately ₦600 per litre. This sudden increase in fuel prices triggered a ripple effect, leading to significant hikes in the costs of essential goods, services, and food items, thereby escalating the overall cost of living for millions of Nigerians.
At the time of this report, many filling stations across the country are dispensing petrol at about ₦900 per litre amidst a growing scarcity and long queues.
The government argues that these economic reforms are crucial and that the resulting hardships are temporary. However, many Nigerians are struggling with severe financial difficulties, unable to afford basic necessities due to the rising costs.
This article outlines some of the major items and services that have experienced price increases during Tinubu’s administration:
- Petrol Price Hike:
The removal of the petrol subsidy in May 2023 led to widespread inflation, with the prices of goods and commodities skyrocketing, in some cases tripling. This surge has had a domino effect, raising transportation costs, food prices, rent, and other essential needs. - Electricity Tariff Increase:
In April 2024, the Nigerian Electricity Regulatory Commission (NERC) announced a significant increase in electricity tariffs. The Distribution Companies (DisCos) raised the tariff for Band A customers from ₦68/kWh to ₦225/kWh, marking a 240% hike. The government claimed that removing the subsidy for Band A customers would save the nation approximately ₦1.5 trillion. - Passport Price Increase:
On August 21, 2024, the Nigeria Immigration Service announced an increase in the cost of international passports. The 32-page passport booklet with a five-year validity, previously priced at ₦35,000, will now cost ₦50,000. The 64-page passport booklet with a 10-year validity will rise from ₦70,000 to ₦100,000. This adjustment, effective from September 1, is intended to maintain the quality and integrity of the Nigerian Standard Passport. - Cooking Gas Price Surge:
The price of cooking gas has continued to rise, often becoming unaffordable for many Nigerians, forcing them to turn to cheaper alternatives such as charcoal. - Transportation Costs:
The steep increase in petrol prices has led to higher transport fares for both intra and inter-city travel. In some cases, public transport costs have doubled or even tripled, making commuting more expensive for Nigerians. Airfares have also not been spared from this increase. - Food Price Inflation:
Food prices have risen dramatically, leading to hunger in many households as they struggle to afford basic food items. The increased transportation costs have directly impacted the prices of staples such as rice, beans, and maize, adding further pressure on household budgets across the country. - Tuition Fee Hike:
Several public institutions, including universities, have increased their tuition fees recently, citing rising maintenance costs as the reason for the substantial hike. This development has sparked protests in some higher institutions, and more recently, a nationwide protest tagged #EndBadGovernance, as citizens express their discontent with the government’s economic policies and the resulting hardships.
News Editor