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Why Are We Still Paying War Prices? Nigerians Demand Fuel Price Cut as Global Oil Fall

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Fuel Pump

 

By Yusuf Danjuma Yunusa

The war drums have fallen silent in the Middle East. The Strait of Hormuz is once again open for business, and global crude oil prices have crashed back to earth, settling at $71 per barrel even lower than the pre-war price of $75.

But on the bustling streets of Nigeria, a different kind of tension is simmering. For millions of Nigerians, especially commercial drivers and commuters, the economic ceasefire has yet to arrive. While the global price of crude the primary component of petrol has dropped by over 90% from its wartime peak, the price at Nigerian pumps remains stubbornly high.

Petrol, which sold for an average of ₦750 before the war, shot up to as much as ₦1,500 during the crisis. Now, with the crisis over, it has only marginally dropped to hover between ₦1,250 and ₦1,350 per litre, leaving a bitter taste in the mouths of citizens who feel they are being punished for a conflict they had no part in.

Our reporter went to the streets of Mararaba and Abuja to speak with the men and women on the frontlines of this daily struggle the Okada riders and the motorists to ask the question on everyone’s lips: “How much have you bought fuel recently, and what price do you really want the government to reduce it to?”

At a busy bus stop in Mararaba-Karu axis, we met three Okada riders who spoke with a palpable sense of exhaustion.

Nura wiped the sweat from his brow as he recounted his daily expenses.

“Just this morning, I bought fuel for ₦1,300 per litre at a NNPC station. At the filling station by the junction, they are selling for ₦1,450,” he said, shaking his head in disbelief. “Do you know how many trips I have to make to pay for that? Before this madness, I was buying at ₦780. With ₦5,000, I could move my family and still have change. Now? ₦5,000 doesn’t even fill the tank of my motorcycle.”

When asked what price he wants the government to reduce it to, Emeka didn’t hesitate.

“We are not robots. We have families. The government should reduce it to ₦700 per litre. That is where it was. Why should we suffer for America and Israel’s fight? We didn’t ask them to fight. The war is over, so let the price come back to normal. We want ₦700 so we can eat again.”

Suleiman, an Okada rider operating in the Nyanya area of Abuja, echoed the sentiment, his voice laced with frustration as he parked his bike under a tree to escape the heat.

“I bought fuel yesterday for ₦1,400. The marketers say it’s because of ‘exchange rates’ and ‘transportation.’ But did the exchange rate crash during the war? No! When the war started and the price shot up, they said it was because of ‘global factors.’ Now the global factors are gone, but the price is still here. It doesn’t make sense to a simple man like me.”

Suleiman’s demand is precise and measured.

“I want the government to listen to us. I want them to reduce the price to ₦800 per litreI am not asking for the exact price from before, because I know things are hard. But ₦1,400 is a killer. I want ₦800. That is the only way I can survive. If they don’t, I will have to leave this job. It no longer pays.”

Isah Audu, a young rider who navigates through the traffic in the streets of Mararaba said he recently paid a staggering ₦1,500 at one NNPC filling station just to get a few litres to keep him going for the day.

“I wanted to cry, honestly. ₦1,500 and the tank wasn’t full. I had to borrow money from my friend to make up the rest. My passengers are complaining that I am increasing the fare, but what do they want me to do? Fly the bike?”

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For Isah, the price of fuel is a matter of survival.

“We are seeing the news. We see that oil is now $71 per barrel. It is lower than before the war! So why is our price still high? It is an insult to our intelligence. The government should reduce the pump price to ₦650 or ₦700. That is the true reflection of the market. If they don’t, they are telling us that our lives do not matter.”

While the Okada riders speak of survival, the motorists speak of managing a household on a burning budget. We spoke to two women whose cars have become a burden.

Isa bella said she has had to drastically cut down on her driving.

“I now buy fuel in ‘units.’ I went to the station yesterday and bought ₦10,000 worth of petrol. The meter read that it was at ₦1,250 per litre. I looked at the pump and almost drove away. But where would I go? I had to buy it because I needed to take my children to school and get to work. Before the war, that ₦10,000 would have almost filled my tank. Now, it’s just a pittance.”

Isa bella who represents the many middle-class women struggling to keep their homes running, made a passionate plea.

“I am begging this government to please look at the formula they are using. If crude oil is $71, what is the justification for ₦1,250? I want the government to reduce petrol to ₦750 per litre. That is a fair price. It allows us to budget. It allows us to survive. We can’t keep adjusting our lives while the government adjusts the price only upwards. When it goes down globally, it must come down here. It is only fair.”

On the other hand was Amara who said the high cost of fuel is draining her salary.

“I try to manage, but it is so hard. I filled my tank last week, and it cost me ₦48,000 at a rate of ₦1,300 per litre. I was horrified. I had to use my food money. I am a single lady trying to make it in Abuja, and this fuel price is setting me back. I spend more on fuel than on my rent at this point.”

For Amara, the price reduction isn’t just a request; it’s a necessity to support a generation that feels economically choked.

“I don’t understand the economics, but I know the principle is wrong. The price was low, it went high because of war, and the war is over. Simple mathematics. I want the government to reduce the pump price to ₦700 per litre. That is what I can afford. That is what will allow me to save money and have a life. ₦1,300 is a punishment, and we did nothing wrong.”

The voices of Nura, Suleiman, Isah, Isabella, and Amara represent the mood of a nation grappling with an economic contradiction.

While the government and oil marketers cite issues like the depreciating Naira and the cost of shipping as factors keeping prices high, the average Nigerian is unwilling to accept that logic.

Why Is The Situation Always Like This?

Speaking with an economist on why such situations continue to prevail in the commodity market, especially here in Nigeria, Mr. Olalekan explained that “crude prices retrace quickly, damaged or underutilized refining capacity, shipping disruption, higher insurance costs, and inventory replacement can continue affecting diesel, freight, petrochemicals, packaging, manufacturing costs, and ultimately consumer prices over the following months.”

He added that, “markets tend to price expectations immediately, but supply chains deliver reality later. Mr. Olalekan concluded by drawing a simple illustration where he argued that the fluctuating price saga of crude oil is due to uncertainty with which manufacturers see things from the ordinary person. “What if tomorrow the war starts again, what are these manufacturers going to do with the products that they had the price reduced because of a temporary announcement of affairs?”, he questioned. “Tomorrow, Trump or the Iranian Leaders may start another war, on the basis that one doesn’t abide by the laid down agreements.” So for the price to come down, it will take time. That’s the simple answer”, he said.

As the day ends, the lines at the few filling stations selling at slightly lower prices only grow longer. Okada riders like Emeka will make a few more trips, hoping to earn enough for tomorrow’s fuel. Motorists like Funke will do the mental arithmetic, trying to figure out how to stretch the petrol in her tank until her next paycheck.

But one question lingers in the hot, humid air: If the war is over, why is the hardship in Nigeria just beginning? For millions, the answer is simple: the global ceasefire came months ago, but the “government ceasefire” on high fuel prices is yet to be declared.

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UN Assembly: Nigeria Affirms Nuclear-Free Status, Seeks Overhaul of UN Domestic Jurisdiction Rule

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By Yusuf Danjuma Yunusa

Nigeria has categorically declared that it does not possess, nor has it ever pursued, nuclear weapons or any other weapons of mass destruction (WMDs). The country’s Permanent Representative to the United Nations, Ambassador Jimoh Ibrahim, delivered this affirmation during the 108th Plenary Meeting of the 80th Session of the UN General Assembly.

Ambassador Ibrahim, who also serves as Chairman of the UN Committee on Budget and Administration, used the global platform to reiterate Nigeria’s steadfast commitment to international disarmament efforts, specifically the cessation of nuclear testing and the complete elimination of WMD threats.

In a significant diplomatic intervention, the Nigerian envoy called for a re-evaluation of Article 2(7) of the United Nations Charter, which enshrines the principle of non-intervention in the domestic affairs of sovereign states. While acknowledging the importance of state sovereignty, Ibrahim argued that this provision should not serve as a shield to protect nations that engage in nuclear testing or possess WMDs. He stressed that the international community must retain the capacity to act against such threats, regardless of domestic jurisdiction claims.

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Conveying the official position of President Bola Tinubu, Ambassador Ibrahim detailed Nigeria’s robust domestic infrastructure for monitoring nuclear activities. He highlighted the Nigeria Atomic Energy Commission (NAEC) as the primary institution overseeing the country’s nuclear regulatory framework and ensuring compliance with international safety and non-proliferation standards.

Reinforcing its commitment to global security, Nigeria maintains active cooperation with several nuclear-capable states, including Russia, China, France, South Korea, and the United States. Ambassador Ibrahim noted that President Tinubu has directed him to intensify these partnerships, with a specific focus on collaborative efforts to permanently end nuclear weapons testing worldwide.

African Solidarity and the CTBT Anniversary
Aligning with the broader continental position, Ambassador Ibrahim endorsed the statement delivered by the African Group. He further congratulated member states on the 30th anniversary of the Comprehensive Nuclear-Test-Ban Treaty (CTBT), reaffirming that Africa remains a designated nuclear-weapon-free zone—a status that has seen the continent categorically reject nuclear explosive testing.

“Nigeria neither possesses nuclear weapons nor has ever pursued a nuclear weapons programme,” Ibrahim stated emphatically, underscoring the nation’s dedication to a safer, nuclear-free world.

He urged all UN member states to sustain their momentum in the global campaign against nuclear testing, emphasizing that collective vigilance is essential to eliminating the existential threats posed by such arsenals.

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Education Stakeholders, SBMC Train Students on Skills for Self-Reliance

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Education stakeholders and School-Based Management Committees (SBMC) in Kano State have stressed the need to equip students with practical skills alongside formal education to prepare them for self-reliance and reduce dependence on government employment.

Chairman of the School-Based Management Committees (SBMC) in Kano State, Tijjani Haladu Baraya, said the skills training programme was important because education should not only prepare students to obtain certificates but should also equip them with practical knowledge that can enable them to earn a living after graduation.

Baraya explained that the initiative was designed to teach students various skills while they are still in school, stressing that having formal education does not necessarily guarantee automatic access to government employment.

According to him, the reality of the current employment market makes it necessary for students to acquire additional skills that would enable them to create opportunities for themselves rather than waiting for government jobs.

He said, “If you study, you will not necessarily get a government job,” adding that the programme was specifically introduced to teach children in schools practical skills that would enable them to rely on themselves after completing their education.

Baraya further emphasised the importance of encouraging female students to acquire vocational and entrepreneurial skills, noting that such knowledge could help women become economically independent and contribute meaningfully to their families and communities.

The SBMC chairman said the committees were fully supporting the initiative because students could graduate with both academic certificates and practical skills, which, according to him, would give them a better chance of becoming self-reliant.

He added that equipping students with skills would also enable them to support their parents and reduce the financial pressure on families, particularly at a time when employment opportunities were becoming increasingly competitive.

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Similarly, the Chairman of the Parent-Teachers Association (PTA) in Kano State, Dalhatu Salhu Maijumuri, described the training of students in practical skills as a highly important initiative capable of producing significant benefits for students, families and society.

Maijumuri said the programme would have a far-reaching impact because students who acquired practical skills could use them to establish businesses or provide services for themselves instead of waiting indefinitely for formal employment.

According to him, the era when students completed their education and immediately secured government jobs had largely passed, making it necessary for the education system to respond to the changing realities of the labour market.

“Gone are the days when students finish school and they will immediately get a government job,” Maijumuri said, pointing to the intense competition for the limited employment opportunities available.

He explained that where an organisation had only a few vacancies, thousands of qualified applicants could compete for the same positions, making reliance solely on formal employment an increasingly difficult option for young people.

“For example, now if there is a vacancy for like ten personalities, you will see hundred thousand people jostling for it,” the PTA chairman said, stressing the need for students to develop alternative means of livelihood.

Maijumuri therefore urged stakeholders in the education sector to continue supporting skills acquisition programmes in schools, saying that practical training would give students the ability to become self-reliant and productive members of society.

He further said that empowering students with vocational and entrepreneurial skills would not only benefit the individuals involved but would also reduce pressure on government to provide jobs for every graduate.

The PTA chairman also maintained that investment in skills acquisition would benefit future generations because children who received both formal education and practical training would be better positioned to contribute to economic development and build sustainable livelihoods.

He said the combination of academic education and practical skills would therefore strengthen the education system and ensure that students were prepared not only to seek employment but also to create employment opportunities for themselves and others.

The initiative, being implemented by the Society for Child Support and Economic Empowerment (SOCSEE) in partnership with Room to Read, will run from August to December 2026 across six Local Government Areas of Nasarawa, Fagge, Dala, Gwale, Kano Municipal and Kumbotso.

Speaking during a strategic one-day stakeholders’ meeting organised by SOCSEE in Kano, the organisation’s Executive Director, Sunusi Hashim, said the meeting was convened to review the project documentation and curriculum ahead of implementation.

 

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Economists Project 12–20 Years Before Nigerians Reap Gains from Tinubu Reforms

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By Yusuf Danjuma Yunusa

Economists say Nigerians may have to wait between 12 and 20 years to fully feel the benefits of President Bola Tinubu’s economic reforms.

According to them, the measures are likely to deliver gradual improvements in productivity and real incomes rather than immediate relief from high prices and declining purchasing power.

The economists told Nairametrics that major structural reforms typically involve a painful adjustment period before their benefits become evident, adding that the pace of improvement would depend largely on policy stability, infrastructure development, the rule of law and investments in productive sectors of the economy.

Chief Economist and Partner at SPM Professionals, Dr. Paul Alaje, said structural reforms generally take 12 to 20 years before their impact becomes significantly visible, although some countries have recorded meaningful results within six to 10 years.

“On the average, it takes 12 to 20 years before nations start feeling the impact of reforms. That does not necessarily mean such countries will see overnight reduction in their exchange rate. But what they will see is growth in real income as productivity expands,” Alaje told Nairametrics.
Financial economist at Nnamdi Azikiwe University, Dr. Felix Echekoba, also said major economic restructuring usually imposes short-term sacrifices before delivering long-term benefits.

“Most successful economic restructurings around the world imposed short-term sacrifices on the masses before long-term benefits.
“The challenge is working hard enough to ensure that the adjustment period does not become unnecessarily prolonged and that vulnerable citizens are protected,” he said.
According to Professor Tayo Bello, a development economist at Adeleke University, Nigeria’s experience is consistent with the pattern observed in other countries that have undertaken major subsidy and exchange rate reforms.

“There is no case of any country implementing major subsidy removal and exchange rate reforms without experiencing temporary economic distress. What matters are policy stability and whether the reforms ultimately fuel productivity and investment,” Bello said.
Why Nigerians are yet to feel the benefits
Tinubu introduced a series of far-reaching economic reforms after assuming office in May 2023, including the removal of petrol subsidies, liberalisation of the foreign exchange market, electricity tariff increases and tax reforms aimed at improving government revenue and fiscal sustainability.

The reforms have received support from international financial institutions, but their immediate impact has been overshadowed by elevated food and service prices, high interest rates and declining household purchasing power.

Alaje said the absence of key conditions needed to support structural reforms is limiting the speed at which Nigerians can benefit from the government’s policies.

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According to him, countries that have achieved faster results from reforms typically had functional institutions, respect for the rule of law, adequate infrastructure and a high level of citizen awareness.

“A functional system where the rule of law is respected and obeyed, abundant infrastructure evident in the availability of roads, electricity and rail system, as well as high level of citizen awareness” are among the factors that can accelerate the benefits of reforms,” he said.
Alaje said Nigeria still faces significant gaps in these areas, particularly infrastructure and institutional effectiveness.

“Businesses are now approaching the banks, but interest rates are not coming down. It ranges between 30 and 40%. Households are now struggling with a minimum wage of N70,000, with the country’s poverty rate at over 140 million, more than 60% of the population,” he said.
He added that the poorest Nigerians would bear much of the burden during the adjustment period, warning that reforms alone would not be enough to lift millions of people out of poverty within a few years.

“It will take more than a decade for the masses to feel any positive impact of Tinubu’s reforms,” Alaje said.
Infrastructure, investment key to reform gains
Bello said macroeconomic stability achieved through reforms would only provide the foundation for broader economic transformation.

“Macroeconomic stability is only the first step. The real benefits come when reforms are buttressed by investments in infrastructure, manufacturing, agriculture, education and technology,” he said.
He added that countries that successfully transformed their economies combined fiscal and monetary reforms with aggressive industrialisation strategies.

Echekoba similarly said the government must ensure that the adjustment period does not become unnecessarily long while putting measures in place to protect vulnerable households.

The economists’ assessment is consistent with experiences from countries that undertook major economic reforms before recording broader improvements in living standards.

India’s economic liberalisation programme, introduced in 1991 following a balance of payments crisis, helped restore macroeconomic stability within about two years. However, broader gains in foreign investment, industrial growth and poverty reduction became more evident over the following decade.
Ghana’s Economic Recovery Programme, introduced in the 1980s, also took several years before inflation declined significantly and economic growth became more sustainable.
Indonesia’s reforms following the 1997 Asian financial crisis similarly took several years to restore investor confidence and return the economy to a stronger growth path.
Egypt’s 2016 currency flotation and subsidy reforms initially triggered a sharp rise in inflation, which exceeded 30%. The economy subsequently recorded stronger growth, increased foreign investment and improved macroeconomic stability after several years of implementation.
These experiences suggest that the economic benefits of major structural reforms can take several years to become widely visible, particularly where reforms are accompanied by significant increases in the cost of living during the initial adjustment period.

Before the removal of petrol subsidies in 2023, the Federal Government was budgeting about N3.36 trillion annually for fuel subsidy payments.

The Tinubu administration had argued that ending the subsidy would free up resources for infrastructure development and social programmes designed to cushion the impact of the policy on households.

However, the economists said the extent to which Nigerians ultimately benefit from the reforms will depend on how effectively the government deploys the savings and creates conditions for higher productivity, investment and real income growth.

Source: Nairametric

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