The Federal Government of Nigeria has debunked claims that it plans to increase the Value-Added Tax rate from 7.5 per cent to 10 per cent.

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, in a statement released on Monday, September 9, said that the VAT rate remains unchanged at 7.5 per cent, as stipulated in the nation’s tax laws.

The minister said, “The current VAT rate is 7.5% and this is what the government is charging on a spectrum of goods and services to which the tax is applicable.

“Therefore, neither the Federal Government nor any of its agencies will act contrary to what our laws stipulate,” Edun stated.

He also noted that the importance of maintaining a balanced tax system in Nigeria’s tax framework is key to the existing three key pillars- tax policy, tax laws, and tax administration.

“The tax system stands on a tripod, namely tax policy, tax laws, and tax administration. All the three must combine well to give us a sound system that gives vitality to the fiscal position of the government,” the minister said.

Describing the report that painted the government as trying to bring more hardship to the people as false, Edun said the FG through its policies have demonstrated that it is committed to creating a congenial environment for businesses to thrive.

“Today, VAT remains 7.5% and that is what will be charged on all the goods and services that are VAT-able,” he added.

The Trade Union Congress of Nigeria (TUC) has warned the federal government that the latest increase in the pump price of petroleum products would worsen poverty among workers

The union said the sudden hike allegedly “implemented without consultation with critical stakeholders,” represented a blatant disregard for the welfare of the Nigerian people, particularly the working class who bear the brunt of such decisions.

In a statement by its president, Comrade Festus Osifo, the TUC urged the government to “immediately rescind these decisions, promote policies that will strengthen the naira, and take decisive steps to alleviate the suffering of Nigerians.”

According to the statement, the federal government must “act swiftly to restore confidence and prevent further deterioration in the living conditions of its citizens.”

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The statement said: “The Trade Union Congress of Nigeria (TUC) received the news of the PMS price hike with great contestation and grave concern. The burden of PMS price increase is huge and percolates to all facets of our social-economic life. This sudden hike, implemented without consultation with critical stakeholders, represents a blatant disregard for the welfare of the Nigerian people, particularly the working class who bear the brunt of such decisions.

“The disturbing news of the increase in PMS pump price all over the country has sent a wave of apprehension and depression across the length and breadth of the nation. This is in the wake of an already existing unprecedented hardship upon citizens.

“In addition, we are deeply troubled by the further hike in electricity tariffs to 250%, a service that is essential for the survival of the poorest in our society. The timing and magnitude of these increases, in the absence of any meaningful social security measures, demonstrate a lack of empathy and understanding of the challenges faced by ordinary Nigerians.

“Why does it have to be the common Nigerians bearing all the pains of the high cost of living while those in power enjoy increased allocation and affluence? The government has not made any concerted efforts to reduce the cost of governance or personal effects, nor have they focused on directing resources or effecting policies that would strengthen the naira and improve the standard of living of our citizens.

“The Congress has long posited several strategies that should be activated towards improving the strength of the Naira and give value to every kobo spent by Nigerians as this is one of the root causes of all the economic woes we face as a country today. Yet much hasn’t been done about these recommendations.

“Congress stands with the working people of Nigeria who are struggling under the weight of rising inflation, a high cost of living, and a deficient work environment that fails to provide the basic standards of decency and dignity. The sudden hike in fuel and electricity costs will only exacerbate these challenges, leading to further hardship and potential social unrest.

“We urge the government to immediately rescind these decisions, promote policies that will strengthen the naira, and take decisive steps to alleviate the suffering of Nigerians. The government must act swiftly to restore confidence and prevent further deterioration in the living conditions of its citizens.

“The Trade Union Congress of Nigeria remains committed to defending the rights and interests of Nigerian workers and will continue to advocate for policies that promote social justice, fair wages, and a decent work environment.”

In a significant boost to Nigeria’s economy, China has expressed readiness to allow the importation of Nigerian products of good quality into its market.

According to a joint statement by both nations, China welcomes Nigeria to expand trade between the two countries through various platforms, including the China International Import Expo, China-Africa Economic and Trade Expo, and the China Import and Export Fair.

The joint statement was after a meeting of leaders of both countries; President Bola Ahmed Tinubu of Nigeria and President Xi Jinping of the People’s Republic of China, in Beijing.

President Tinubu is in China on the invitation of President Xi for a state visit, which will be followed with the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC).

The joint statement detailed the critical components of the Comprehensive Strategic Partnership achieved through a number of agreements and Memoranda of Understanding (MoU) signed by both nations during the meeting on Tuesday.

China supports the import of more quality products from Nigeria into its market, a move expected to increase Nigeria’s exports and boost its economy.

Nigeria, in turn, has expressed willingness to strengthen its partnership with China in the development of energy and mineral resources, and to work with Chinese companies to set up plants in Nigeria to meet local consumption and export needs.

Both countries have also agreed to deepen cooperation in areas such as digital economy, green development, blue economy, and agricultural modernization, and to foster new growth drivers in cooperation.

Also, Nigeria has welcomed China’s Global Initiative for Artificial Intelligence Governance and Global Initiative on Data Security, appreciating China’s efforts in promoting the rights of developing countries in artificial intelligence, network, data, and other fields.

“Guided by the Cooperation Plan between the Government of the People’s Republic of China and the Government of the Federal Republic of Nigeria on Jointly Promoting the Belt and Road Initiative, both countries remain committed to advancing high-level cooperation of the Belt and Road Initiative and FOCAC Conference outcomes with the Renewed Hope Agenda and the Eight Priority Agenda of the Nigerian Government to jointly promote high-level practical cooperation across board.

“China welcomes Nigeria to expand trade between the two countries through platforms such as the China International Import Expo (CIIE), the China-Africa Economic and Trade Expo (CAETE) and the China Import and Export Fair (the Canton Fair), Lagos and Abuja International Trade Fairs, the Annual Nigerian Mining Week and through new channels such as e-commerce and overseas warehouses in China. China supports the import of more quality products from Nigeria into its market.

“Nigeria is willing to strengthen its partnership with China in the development of energy and mineral resources and to work with Chinese companies to set up plants in Nigeria to meet local consumption and export needs. China will encourage more competent Chinese companies to invest in Nigeria to contribute to the diversified and dynamic development of Nigeria’s economy.

“The two countries will seize the opportunities of developing productive capacity, further deepen overall reform, jointly explore cooperation in areas such as digital economy, green development, blue economy and agricultural modernisation, and foster new growth drivers in cooperation.

“Nigeria welcomes the Global Initiative for Artificial Intelligence (AI) Governance and Global Initiative on Data Security proposed by the Chinese side and appreciates China’s efforts in promoting the rights of developing countries in artificial intelligence, network, data and other fields”.

Oil marketers are awaiting the price of Premium Motor Spirit, popularly called petrol, produced by the Dangote Petroleum Refinery, following the announcement by the plant that only the Nigerian National Petroleum Company Limited will lift the product from the refinery at the moment.

PMS was officially launched on Tuesday by the $20bn plant located in Lekki Free Trade Zone in Lagos. The President of Dangote Group, Alhaji Aliko Dangote, announced that the 650,000-capacity oil refinery had commenced petrol production.

But dealers under the aegis of the Independent Petroleum Marketers Association of Nigeria stated that they had yet to receive any notice on the price of petrol from the refinery.

“We have not received any notice about its PMS price because he categorically stated that the NNPC is the sole off-taker of the product, which to us came as a surprise,” National Publicity Secretary of IPMAN, Ukadike Chinedu, stated.

He added, “We had expected Dangote to open up the market for proper competition. This shows that all these while the NNPC has been waiting for Dangote to release products, as it had reduced PMS importation.

“However, we are still waiting for them to tell us the price, but this, of course, will have its effect on the pricing of the product considering the fact that the cost of the commodity has increased at NNPC retail stations.”

There are strong indications that the price of petrol may hit N1,200/litre following the decision of NNPC to raise the pump price at its stations on Tuesday.

This is even as the Dangote oil refinery announced its determination to supply 25 million litres of PMS daily in September.

Nigerians woke up on Tuesday to see a change in the pump prices, from around N600 to N855/litre, M918/litre and above, depending on the area of purchase at NNPC stations nationwide.

Sources told our correspondents that there was a directive to the retail outlets to increase petrol prices.

It was gathered that the recommended petrol prices vary by location, as some now sell at N900.

It was confirmed on Tuesday that NNPC outlets in Lagos increased their price to N855/litre.

The directive to raise petrol prices stated that the NNPC Retail Management approved an upward review.

This is coming barely two days after the company admitted it was having challenges to import fuel due to a $6bn debt.

However, the spokesperson of the NNPC, Olufemi Soneye, declined comments when our correspondent contacted him.

When our correspondent explained to him on WhatsApp that the statement had been making the rounds and reports from NNPC filling stations showed a rise in fuel prices, he replied, “Thank you for reaching out. I have no comment on the matter at this time. If there are any updates, I will make sure to inform you.”

Our correspondent gathered from depot operators that N250 has been added to the pump price.

It was observed that some major marketers have also jerked up their pump prices close to 900/litre.

The North West filling station in Onigbongbo, Lagos sold at N920 while Amuf in Ibafo, Ogun State sold for N1,000 per litre.

It was observed that the sudden price rise caused tension among motorists, who rushed to filling stations to engage in panic buying.

In Lagos, the few stations selling petrol had long queues, leading to traffic gridlocks in different locations.

It was also observed that many filling stations did not open for business while many marketers refused to lift fuel.

An official of a petroleum company at Apapa confirmed to our correspondent that no marketer was in their depot to load petrol as of 2pm on Tuesday.

This he described as unusual, saying many marketers may not be able to afford the new price.

Before now, NNPC used to sell petrol to major marketers below N600/litre, while the independent marketers bought from private depots for about N900.

While there are fears that the private depots may face tougher challenges with this new price, black marketers sold the rpouct at N2,000/litre on Tuesday in Lagos.

Some black marketers, who spoke with one of our correspondents at Victoria Island, Lagos, offered to sell five litres of petrol at N15,000. During price negotiation, they rejected N8,000, insisting that the least the five litres could go was N10,000.

25 million litres

The Nigerian Midstream and Downstream Petroleum Regulatory Authority disclosed on Tuesday that the Dangote oil refinery will supply a total of 25 million litres of petrol to the Nigerian market daily in September.

The NMDPRA said this will rise to 30 million litres from October.

In a short statement, the NMDPRA said it met with the NNPC to agree on local crude supply to the refinery.

“At the NMDPRA headquarters in Abuja, NNPCL reached an agreement to commence crude oil sale and supply to Dangote Refinery in local currency.

“The refinery is now poised to supply an initial 25 million litres of PMS into the domestic market this September. And will subsequently increase this amount to 30 million litres daily from October 2024,” the NMDPRA said on its X.

The PUNCH reports that the President of the Dangote Group, Alhaji Aliko Dangote, formally announced on Tuesday that the 650,000-capacity oil refinery had commenced petrol production.

Dangote, who spoke at the refinery, said the supply of petrol to Nigeria would change the country’s energy landscape.

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While appreciating President Bola Tinubu for approving the sale of crude in naira to local refineries, Dangote said many did not believe that the $20bn refinery could start petrol production.

He said the capacity of the refinery would meet local demands and the demands of sub-Saharan Africa.

Dangote disclosed that the petrol would get to filling stations in 48 hours after all arrangements with the NNPC were concluded, saying the queues would soon be over.

“Our PMS can be in filling stations within the next 48 hours depending on NNPCL,” he said.

“We are ready, and I want to appreciate President Bola Tinubu for making to achieve this monumental feat.

“I pray that within the next few days, you won’t see any petroleum queues as soon as we finalise with NNPC. We are ready x we are waiting for them and I hope they will be ready like yesterday.”

Dangote told newsmen that he would not be able to disclose the price of the product, saying the NNPC was in a position to control the price.

“On the pricing, I can’t say anything because we don’t control the pricing; the pricing, at the moment, is controlled by NNPC, not Dangote. We will wait for them. But our own for now is to make sure that the product is available and round-tripping is stopped.

“People are just taking dollars out and not bringing the product. Most of the shenanigans will stop, that’s what I can guarantee you,” he stated

Dangote emphasised that NNPC was the company that would sell and distribute the product under the current naira crude sale arrangement.

“Once the NNPC is ready, we roll. We are even ready to load a ship this week,” he added.

He said Tinubu would deal ruthlessly with anyone who tried to stop the order that crude be supplied to local refineries.

Speaking further, the business mogul said the petrol and diesel from his refinery were clearer because they were of Euro 5 standard.

He said the fuel would have less emissions, saying it is good for the people’s health and engines.

“This is the sample of the petrol. You see it as a different colour, but that is the real deal. You are now going to have a good and genuine product. I am sure Nigerians have not seen this colour of diesel before. This is called Euro 5 diesel. It contains less than 10 parts per million of sulphur. This will help vehicles, engines, and generators last longer.

“The health of the people and the environment will not be compromised. This is the real deal,” he stated.

He also added that the Federal Executive Council was working on a new pricing arrangement for petrol produced from the Dangote Refinery.

“It is an arrangement which is designed and approved by the Federal Executive Council led by His Excellency, President Bola Ahmed Tinubu.

“As soon as it is finalised, which he (Tinubu) is pushing, once we finish with NNPC, it can be today, it can be tomorrow, we are ready to roll into the market,” he said.

Dangote explained why the first sample of petrol from his refinery appears clearer than the petrol currently in circulation.

“This is the sample of the petrol. You see it as a different colour, but that is the real deal. You are now going to have a good and genuine product,” he said

OPS predicts inflation

Meanwhile, the Organised Private Sector said the hike in petrol price, which signalled the removal of subsidy on the commodity, would lead to another round of inflation nationwide.

Following the sudden increase in petrol prices, NNPC stations adjusted their pump prices from N750 to N950/litre while independent marketers sold fuel for between N1,400 and N1,500/litre in Kano.

Motorists in Sokoto and Kebbi states expressed shock after NNPC stations adjusted the price of a litre of petrol from N620 to N900 in both states.

A motorist, Shehu Salman, told The PUNCH, “Honestly, this government has really shown its hatred for the masses. How can they increase the price of petrol at this period, when citizens are finding it hard to feed themselves?”

In Yola, the Adamawa capital, NNPC stations sold a litre for N1,000, with other stations selling between N1,200 and N1,300/litre.

In Maiduguri, NNPC sold at N897, others dispensed at N1,100.

Following the news of NNPC increasing fuel pump prices nationwide, Katsina State NNPC mega stations sold at N902/litre, which sold for N665 on Monday.

The NNPC fuel stations in Ilorin, the Kwara State capital, closed hurriedly following news of the increase in fuel price.

Two of the NNPC stations at Odota and Asa Dam road, which were selling fuel to early on Tuesday, reportedly closed and told vehicles on the queue to go out of the stations after learning of the new fuel price.

However, some independent marketers sold the product for N1,100 and N1,200/litre.

Most filing stations in Ibadan, the Oyo State capital, on Tuesday adjusted upward the pump price of petrol, with independent marketers dispensing the product at N1,000 and N1,100/litre, with long vehicular queues.

An attendant at one of the NNPC substations said, “We have not received any directive that we should start selling fuel above N580 per litre.”

NNPC substations on Tuesday implemented the new pump price of N865 per litre in Ogun State.

One of our correspondents learnt that independent marketers adjusted their pump price from N850 to N980 and above.

On Tuesday in Rivers, NNPC mega stations dispensed N509/litre, while other filling stations in the state sold at N1,100.

In Edo State, the NNPC station on Sapele Road increased their pump prize from N591 to N881/litre, but had no product to sell to motorists who besieged the station.

However, other petrol stations sold the product for between N970 and N1,000/litre. In Bayelsa, NNPC sold the product for N890/litre, while prices of others ranged from N990 to N1200, which triggered an increase in transport fares in Yenagoa, the capital city.

In Asaba, the Delta State capital, NNPC mega station along Asaba-Benin road sold fuel for N850/litre, while ther filling stations dispensed for between N950 and N1,100/litre.

NNPC stations sold at N850/litre in Imo State, while other independent marketers sold at N999.

“The removal of subsidies is expected to lead to an increase in petrol prices, causing higher costs for consumers and businesses that rely on fuel. This could contribute to higher inflation,” the President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, Dele Oye, said

He added, “Higher fuel prices may put a strain on household budgets, especially for lower-income families who spend a larger portion of their income on transportation and essential goods.

“Businesses may need to pass on some of the increased fuel costs to customers, which could impact the prices of goods and services. The government has said that targeted cash transfers or other support measures may be introduced to help mitigate the impact on the most vulnerable populations.

“Ultimately, the full economic and social effects will depend on factors like the magnitude of the price increase, the government’s response, and how consumers and businesses adapt. We advise the government to avoid another increase, as the average Nigerian is already overburdened by the effect of currency devaluation and fluctuations, which has resulted in hyperinflation.”

Also, the Nigerian Association of Small-Scale Industrialists decried the inconsistency in policy over subsidy removal on petrol.

The National Vice President of the Nigerian Association of Small-Scale Industrialists, Segun Kuti-George, said the Federal Government’s earlier position on subsidy removal was different from the recent developments leading up to a possible fuel price hike.

“I’m not sure where the idea of subsidy is coming from again. I’m saying this because I thought that we had removed the subsidy. There is a great deal of inconsistency there,” Kuti-George asserted.

“In the very first minute of this government, they said subsidy is gone. So what subsidy are we talking about now?”

Kuti-George noted that the Federal Government’s failure to officially announce a return of oil subsidy through back channels has made it hard to properly assess the impact of the removal of the subsidy.

“They did not tell us that the subsidy had returned through the back door. The last thing we had was the subsidy was gone. So how and when did the subsidy come back? That’s the idea. Let us now leave all this and say, okay, the subsidy is now just going. It is now just going,” he added.

Kuti-George said a possible hike in fuel prices would mean harder times for people and businesses.

He decried the progression in PMS prices, as he noted that “a litre went for N950 in the previous day and since the NNPC recently announced a selling price of N885, it will amount to over N300, (higher than) what they were selling before.”

“We should be expecting something from between N1,300 and between N1,100 and N1,500 per litre,” the NASSI Vice President added.

Speaking with The PUNCH, the Director-General of the Nigeria Employers’ Consultative Association, Adewale-Smatt Oyerinde, said, “The new pump price of petrol is not only worrisome but also unfair.

“We had expected that the Government will leverage on the momentum created by the completion of the Dangote refinery and the planned commencement of operation of the Port-Harcourt refinery to clear the obvious self-inflicted pain on Nigerians and progressively reduce the pump price of petrol. This seems not to be the case.”

According to Oyerinde, the new pump price could be seen as making Nigerians pay for the crass inefficiency in the NNPC.

“Rather than address the fundamentals that have made Nigeria a net importer of petrol, even when we have four refineries, the Government continues to inflict pain on Nigerians and inadvertently, contributing to the increase in cost of doing business,” Oyerinde mentioned.

“We urge that Government should have a rethink and do all that is necessary to address the continuous impoverishment of Nigerians and incapacitation of organized businesses,” the NECA boss stated.

Filling stations shut

The NNPC filling station in Isolo Ikotun was not selling PMS to customers due to the unavailability of stock, according to checks by The PUNCH.

Our correspondent learned from the station manager and one of the sellers that there was no fuel for sale as he observed that the station was deserted.

The manager, who did not volunteer his name, said, “We don’t have fuel, that’s why we’re not selling. I would be selling if I had fuel, it’s a business.”

A neighbouring Total Energies filling station in Ikotun also conducted no business save for a car driven by military personnel.

While the Total Energies station had some cars lined along the petrol dispensers, customers only stood waiting with no PMS in sight.

Motorists hiked transportation prices as the fuel scarcity grew worse on Tuesday across the country.

Lagos experienced significant disruptions due to an acute fuel scarcity. Several major filling stations across the city remained closed, prompting widespread frustration among motorists. Long queues formed at the few stations that were open, with many vehicles waiting for hours to purchase fuel.

It was observed that cars were lined up for miles, creating severe traffic congestion. In some instances, motorists were seen carrying jerrycans as they waited, highlighting the desperate measures taken to secure fuel.

A motorist at Shasha identified as Oluwasegun Timothy, shared his plight stating that, “I need to go to work, and finding fuel has become almost impossible. I’ve been using public transport to search for fuel and carrying a jerrycan in hopes of filling it up.”

The fuel shortage led to a sharp increase in transportation fares across the city. The fare from Ikeja to Berger surged to N700 from the previous N500, while from Oshodi to Egbeda rose to N700 from N400. This hike in fares is further straining residents who rely on public transportation for their daily commute.

A commercial driver identified as Chinedu, expressed his frustration, adding that, “Drivers have no choice but to accept these high fares because the situation is really bad. I had to wake up early to fill my tank to ensure it lasted as long as possible.”

In response to the ongoing crisis, in a statement made available to The PUNCH, the Director of Press & Public Affairs, Lagos State Taskforce, Gbadeyan Abdulraheem, stated that the Lagos State Taskforce conducted a major operation targeting illegal petrol sales.

The operation covered areas from Fadeyi to Maryland and Charity Bus Stop to Airport Road. During the sweep, six suspects involved in the illicit sale and display of petrol were apprehended.

“The current fuel scarcity is no excuse for individuals to exploit Lagos residents by reselling petrol at exorbitant prices.

“These unscrupulous practices not only add to the burden of already struggling motorists but also pose significant safety risks due to the highly inflammable nature of petroleum products.”

Akerele emphasised the Taskforce’s commitment to addressing these illegal activities and ensuring public safety

“We are determined to curb these illegal activities and ensure that the safety and well-being of the public are not compromised. The actions of these black market operators are not only cruel but also a severe threat to public safety, as improper handling and storage of petrol could lead to catastrophic fire disasters.”

Fuel scarcity also intensified in the Federal Capital Territory. Major roads in the Central Business District of Abuja, including those leading to the Nigerian National Petroleum Company Towers, were blocked.

Vehicles were seen parked in long queues as drivers searched for fuel, leaving many passengers stranded and forcing some to walk to their destinations.

At the Conoil fuel station opposite the NNPC Towers, a heavy security presence was observed, and the road was congested with vehicles, severely disrupting the free flow of traffic.

When approached for comment, an official at the station declined, stating, “Leave here, we’re not ready to talk to anyone.”

As of 11am on Tuesday, the Mobil filling station in the CBD of the FCT sold fuel at N989/litre. Meanwhile, prices in other fuel stations ranged between N1000 and N1100.

However, some drivers at the station entrance hinted at a possible price increase to N950 per litre. “We hear they’re about to increase the fuel to N950 or N1,000 per litre,” one driver said.

In response to the growing concerns, the Federal Government issued a statement denying any plans to increase petroleum prices.

The government refuted claims circulating on social media that the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, had instructed the NNPC Limited to raise petroleum prices by N1,000 above the approved pump price.

In a statement signed by Special Adviser on Media and Communication to the minister, Nnemaka Okafor, the government described these claims as “baseless, malicious, and a deliberate attempt to incite public discontent.”

“We challenge anyone in possession of any evidence—be it written documents, audio, or video recordings—that supports these fabrications to make it public. Such a claim is entirely devoid of truth and should be recognized as an intentional effort to mislead the public,” the statement read.

However, a few hours after the statement was issued, the NNPC price increase of N897/litre from N617/litre initial price surfaced at its filling stations.

Labour

Also, Organised Labour and stakeholders have slammed the Federal Government following the new pump price regime of Premium Motor Spirit introduced on Tuesday by the Nigerian National Petroleum Corporation Limited.

This was even as major opposition parties in the country urged the President Bola Tinubu administration to sack the management of the NNPCL.

They made the appeal in separate interviews with The PUNCH on Tuesday.

Our correspondent, who monitored the long queues across filling stations in the Federal Capital Territory, observed that the pump prices had jumped to between N900 and N970 per litre.

Reacting to the development, the Nigeria Labour Congress has tagged President Bola Tinubu as a betrayer following the astronomical hike in fuel price.

The NLC expressed shock in a statement signed by its president, Joe Ajaero, which was made available to The PUNCH in Abuja on Wednesday.

“We are filled with a deep sense of betrayal as the Federal Government clandestinely increases the pump price of PMS. One of the reasons for accepting N70,000 as national minimum wage was the understanding that the pump price of PMS would not be increased even as we knew that N70,000 was not sufficient,” the Ajaero said.

Among other things, the Congress demanded an immediate reversal of the pump price, release of incarcerated protesters and reversal of the 250 per cent hike in electricity tariff.

“In the coming days, the appropriate organs of the Congress will be meeting to take appropriate decisions which will be made public,” he assured.

The Executive Director of the Rule of Law Accountability and Advocacy Centre, Okechukwu Nwaguma, also described the hike in pump prices as “alarming”, adding that the increase will exacerbate the cost-of-living crisis, and affect transportation costs, food prices, and overall inflation.

He accused the government of taking “anti-people” measures despite public outcry, stating that it was critical for the government to address the root causes of the economic challenges.

“The significant price variations across different regions, with some stations charging as high as N970, highlight disparities in access and affordability, disproportionately affecting lower-income households.

“The government continues to take anti people measures in utter contempt of the public’s outcry, which reflects widespread dissatisfaction and frustration with the government’s management of the economy. Citizens are left to bear the brunt of policy decisions without adequate support or relief measures”.

“It is critical for the government to address the root causes of these economic challenges, tackle corruption, minimise waste, show responsibility, sensitivity and compassion in their own lifestyles ,and implement measures that cushion the impact on citizens, such as subsidies or social support programs”, he said.

The National Coordinator of the Take It Back Movement and organisers of the #EndBadGovernance protests, Juwon Sanyaolu, said the movement was not surprised at the price hike, noting that the President had ignored protesters’ demands during the August 1-10 anti-hunger protests.

“The reason we have called for an October 1 nationwide protest is largely because President Tinubu in his media broadcast on August 4th, completely ignored protest demands. Rather he went on gaslighting protesters and didn’t even justify the repression against protests”.

“So we are not surprised that we are having a situation where the government, or the NNPC you may say, have increased the price of fuel, which is directly opposite to the demands of the protests, which was calling for the reversal of the price of fuel to what it was before May 29, 2023”, Sanyaolu said.

He said the TIB will again mobilise Nigerians to protest on the 1st of October, adding that the government had ample time to reverse the pump prices and grant their demands before the date.

“Obviously we are rejecting this increment pump price, and to resist this, Nigerians will be mobilised to the streets once again on the 1st of October this year. And of course, the government has a lot of time between now and the 1st of October to immediately address not just the reversal of the increased pump price, but also the entire demands of the protesters”.

‘No solution’

Reacting, the National Secretary of New Nigeria People’s Party, Dipo Olaoyoku, expressed disappointment in the current administration, saying it has squandered the hope of the masses.

Olaoyoku reiterated that it was high time the Tinubu administration swallowed his ego and seek for help to rescue the country from falling into total collapse.

He said, “I have been buying fuel in Lagos for N949 before now. It is now very clear that the present government has no solution to the problem of energy, especially petroleum products. In 2012, the same people in government protested during the time of Goodluck Jonathan when he increased fuel from N87 to N145. They sponsored what was called ‘Occupy Nigeria’ that almost brought that government down.

“As of today, the petrol selling at N855 is not even available for Nigerians to buy. When situation gets to this stage, it becomes worrisome. It is high time this government buried its ego and look elsewhere for people who can help them. It is now glaring that the problems of Nigeria is too much for this government. From energy, petrol, electricity, insecurity to foodstuff prices, the list is endless.

“It is no longer a matter of opposition wanting to take over the government. The opposition wants to help. But the ego of ‘We know it all’ won’t allow this government to acknowledge it. It is now very clear these people have no solution to the problems of this country. They still have three more years to go. So they should open their doors for people to advise them accordingly because the suffering is too much for Nigerians to continue bearing.”

‘Sack NNPCL now’

The National Secretary of the Labour Party, Umar Farouk, also shared the same sentiment.

While expressing disappointment, Farouk beckoned on the president to sack the board and management of the NNPCL to give way to people with fresh ideas.

“It is quite unfortunate we are facing this kind of situation. It is also sad that the NNPCL has not always been sincere and truthful to Nigerians about the situation of things. Today, the corporation will say they are not indebted to anybody and that subsidy is gone. Tomorrow, they will say another thing entirely.

“The present leadership of the NNPCL should not be allowed to remain in office. If the government wants to be taken seriously, it should sack all the officials of the corporation and engage fresh people for Nigerians to feel the impact of the new regime. It is one thing to increase the pump price and another thing not to make the product available to the people.

“How can they be visiting multiple problems on the masses just because of the inefficiency and incompetence of people in charge of the NNPCL? We are therefore calling on the government to dissolve the board and management of the corporation.”

‘Hike ridiculous’

Meanwhile, the Peoples Democratic Party and the Coalition of United Political Parties have criticized the Nigerian National Petroleum Company Limited and the Federal Government, denouncing the fuel price increase as heartless and reprehensible.

PDP Deputy National Publicity Secretary, Ibrahim Abdullahi, called on Nigerians to unite and not to despair.

He said, “It is an embarrassing development in the face of unprecedented and excruciating economic woes. Nigeria’s resilience has been exhausted to its rubicon.

“We have finally reached the breaking point with rooftop inflation, frightening insecurity, and pervading hopelessness in the land. Nigerians must rise in unison to put an end to this despair and apparent slide to dictatorship.

“The rise in price hike in PMS, just like other necessities, is callous, primitive and condemnable.”

CUPP National Secretary, Peter Ameh, on the other hand, urged President Bola Tinubu’s All Progressives Congress-led administration to address corruption in the oil sector rather than arbitrarily raising fuel prices.

Ameh expressed concerns that ordinary Nigerians cannot continue to endure hardship while their leaders live in luxury.

“It is a criminal arrangement. They cannot continue to make Nigerians suffer. There is no subsidy on electricity, there is a high interest rate, and now Nigerians cannot move around peacefully. Why do you increase fuel prices arbitrarily, without any consultation?

“This increase will affect inflation, the cost of food and services, and people will now begin to scramble to survive. This President Tinubu government has shown so much insensitivity to the plight of our people.

“Instead of increasing prices, they should address the corruption in the oil industry so that Nigeria can breathe. There is corruption in the oil industry.

“So for us the increasmnet is unacceptable, unjustifiable and it is totally condemnable. We cannot accept this continuous arbitrary increasmnet in price of fuel,” he stated.

Nigerians react

Meanwhile angry Nigerians took to the internet to vent their frustrations following the new price hike.

Popular singer Joeboy stated on X (formerly Twitter), “We’re an oil-producing nation with fuel scarcity. Nigeria is unbelievable.”

Another X user #Seriousist added, “Nigerians finished protesting, and after seeing how weak the protest was, President Tinubu hit them with another fuel price increase for wasting his time.”

Tomi, with the username #tomiwebstr, expressed bitterness following the latest hike, saying it would make life even harder.

“Fuel is likely to stabilise at N1300-1500 per litre. The dollar has stayed above N1600, electricity is now unaffordable, and food? It’s a whole other issue. And when you try to complain, they accuse you of treason. I’m exhausted.”

“Nigeria is learning a tough lesson, and only God can save this country from the cold grip of APC,” Moses Emeka commented on Instagram.

Oluwabukolami Agboola prayed for God’s intervention amid the hike.

“You all have done enough; it’s time for God to intervene. This is too much,” she stated on Facebook.

Iorwuese Geshi believes that if Nigerians weren’t peaceful people, the fuel price increase would have triggered severe repercussions.

“In other places, no one would have had to tell Tinubu that there’s a problem,” Geshi wrote.

A frustrated John Odey stated, “Will there ever be a day when we wake up to the news of a significant price drop for anything in this country? Just one day?”

“Nigeria is the only country that’s giving God a headache,” Ezekiel Emmanuel jokingly remarked.

David Jacob expressed his disappointment saying, “They keep intimidating Nigerians, and yet some still support this ruthless government. They’ve monopolized Dangote fuel to profit from it, making life difficult for Nigerians. The scripture says, ‘The wickedness of the wicked shall be upon them.’”

Nigeria’s Gross Domestic Product (GDP) experienced a year-on-year growth of 3.19% in real terms during the second quarter of 2024.

The GDP growth rate surpasses the 2.51% recorded in the second quarter of 2023 and the 2.98% growth seen in the first quarter of 2024.

The GDP performance in Q2 2024 was primarily driven by the Services sector, which grew by 3.79% and contributed 58.76% to the total GDP. The agriculture sector saw a growth of 1.41%, slightly down from the 1.50% growth recorded in Q2 2023.

The industry sector improved significantly, with a growth of 3.53%, compared to the -1.94% decline observed in the second quarter of 2023.

In terms of GDP share, the industry and services sectors contributed more to the total GDP in the second quarter of 2024 compared to the same period in 2023.

The oil sector contributed 5.70% to the total real GDP in Q2 2024, an increase from the 5.34% recorded in the same period of 2023, but a decrease from the 6.38% contribution in the preceding quarter.

The oil sector experienced a real growth of 10.15% year-on-year in Q2 2024, marking a significant increase of 23.58 percentage points compared to the -13.43% recorded in the same quarter of 2023.

This growth also represents a 4.45 percentage point rise from the 5.70% recorded in Q1 2024.
However, on a quarter-on-quarter basis, the oil sector saw a decline, with a growth rate of -10.51% in Q2 2024.

Nigeria recorded an average daily oil production of 1.41 million barrels per day (mbpd), in Q2, 2024 which is 0.19 mbpd higher than the average 1.22 mbpd recorded in the same quarter of 2023.

However, this figure is 0.16 mbpd lower than the 1.57 mbpd produced in the first quarter of 2024.

The non-oil sector contributed 94.30% in real terms to the nation’s GDP in the second quarter of 2024.

This is slightly lower than the 94.66% share recorded in the second quarter of 2023 but higher than the 93.62% contribution in the first quarter of 2024.

The non-oil sector grew by 2.80% in real terms during Q2 2024.

This growth rate was 0.78 percentage points lower than the 3.58% recorded in the same quarter of 2023, and it matched the 2.80% growth seen in the first quarter of 2024.

The sector’s performance in Q2 2024 was primarily driven by Financial and Insurance (Financial Institutions), Information and Communication (Telecommunications), Agriculture (Crop Production), Trade, and Manufacturing (Food, Beverage, and Tobacco), all of which contributed to positive GDP growth.

The Minister of Arts, Culture and Creative Economy, Hannatu Musa Musawa, has said the the Ministry is creating opportunities in the creative and cultural economy value chain through policies that enable the business environment.

The minister, in an interview with journalists, said the President Bola Tinubu administration is intentional about ensuring that a large chunk of the global market share of over $1 trillion come into Nigeria’s creative industry in line with the Renewed Hope Agenda.

“We are currently embarking on public private partnerships and have signed partnerships with the Nigerian Economic Summit Group (NESG) to accelerate the process of attracting innovative funding pool for players in the creative eco-system,” she said.

Musawa further said that the Ministry is working with BigWin philanthropy, major international development partner, to deliver a transformative job creation and industry strategy.

According to the minister, the Ministry was drawn to work with Big Win because of the organization’s achievement in providing 500,000 Rwandan youths with digital skills, as well as creation of a million sustainable jobs in Cote d’Ivoire.

She further revealed that the Ministry is implementing four key components to deliver two million jobs in the creative economy through the ‘BigWin partnerships’.

“Firstly, there is the implementation of a job creation strategy that leverages regulatory frameworks, strategic investments, partnerships, and fiscal incentives as the strategy will maximise job creation potentials within,” she said.

She further disclosed that the Ministry is currently exploring the Federal Government’s commitments under the African Continental Free Trade Area, AFCTA, and broader economic expansion initiatives to expand Nigeria’s opportunities in Africa’s $3.4 billion creative market.

Musawa also affirmed ongoing partnerships with critical creative economy eco-system developers such as the Bank of Industry, BoI.

“As a body that primarily supports the enabling of the private sector, the Ministry’s relationship with the BoI will be critical in developing the creative economy by providing incentives, resources and support to attract and retain investments in the creative industries,” she said.

The minister added that the revitalisation of the National Theatre and transformation of its surrounding areas is enhancing the creative industry eco-system and facilitating opportunities in performance spaces, exhibition centres, creative hubs and recreational centers.

“Artists, performers and entrepreneurs are already talking to us to explore economic opportunities at the National Theatre,” she said.

According to the minister, the revitalisation of the National Theatre would create opportunities for thousands of Nigerians in the creative industry value chain.