Category: Cost of Living

Inflation Report: “Our Reality on the Ground is Different”

19Feb

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Cost of Living, Economy, Finance, News, Nigeria

Inflation Report: “Our Reality on the Ground is Different”

Bloomberg's recent announcement of Nigeria's inflation rate dropping to 24.48% in January 2025 has sparked widespread skepticism and outright rejection among Nigerian citizens. Despite the National Bureau of Statistics' (NBS) claim of a significant decrease from December's 34.80%, many Nigerians argue that the data does not reflect their daily economic struggles. The NBS attributed the drop to a rebasing of the Consumer Price Index (CPI), a move intended to update the basket of goods and services used to measure inflation. However, this statistical adjustment has not translated into tangible relief for the average Nigerian. Public Reaction: In the bustling markets of Lagos, traders like Mrs. Adaeze Okonkwo, who sells staple foods, expressed frustration. "They say inflation is down...

NLC Awaits Tinubu’s Decision, Insists on ₦250,000 Minimum Wage

11Jun

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Cost of Living, Economy, Labour, Nigeria

NLC Awaits Tinubu’s Decision, Insists on ₦250,000 Minimum Wage

Organised Labour in Nigeria has remained obstinate in its demand for a new minimum wage of ₦250,000, dismissing lower offers as inadequate. The Nigeria Labour Congress (NLC) has categorically rejected proposals of ₦62,000 and ₦100,000, labeling them as “starvation wages.” In an interview on Monday during the ongoing International Labour Conference in Geneva, Switzerland, NLC President Joe Ajaero stated that the union is awaiting President Bola Tinubu's response to their proposal. Ajaero emphasized that the proposed figures by the government and employers do not reflect labour's stance. Chris Onyeka, Assistant General Secretary of the NLC, reiterated the union's position during an appearance on Channels Television’s ‘Morning Brief’ program. He firmly stated that the NLC would not acce...

Renewed Hope Has Turned to Hopelessness – Prof Usman Yusuf

20May

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Cost of Living, Economy, News, Nigeria

Renewed Hope Has Turned to Hopelessness – Prof Usman Yusuf

In a scathing critique of President Bola Tinubu’s administration, Professor Usman Yusuf, a prominent member of the Northern Elders Forum (NEF) and former Executive Secretary of the National Health Insurance Scheme (NHIS), has lambasted the Renewed Hope Agenda, labeling it as a source of increased hopelessness for Nigerians. During an interview on Channels Television’s Sunday Politics, which was monitored by DAILY POST, Yusuf expressed his disappointment, stating that the Tinubu-led federal government has failed to instill any sense of hope among the Nigerian populace over the past year. "People have lost hope. It pains me to see our people lining up to collect cups of palliatives. Renewed Hope has turned into hopelessness. People have lost hope," Yusuf remarked. He further critici...

APC Denies Reintroduction of Fuel Subsidy, Labels Claims “Fake News”

26Sep

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Cost of Living, Economy, News, Nigeria, Petroleum

APC Denies Reintroduction of Fuel Subsidy, Labels Claims “Fake News”

The All Progressives Congress (APC) has dismissed claims that the administration of President Bola Tinubu has reintroduced fuel subsidy, asserting that government interventions were aimed at ensuring price stability and predictability. Reports had circulated alleging that the government spent a staggering N169.4 billion in August to maintain the fuel pump price at N620 per liter. These reports were seized upon by the opposition as evidence of the administration's purported return to fuel subsidy. In a statement released on Monday night, the APC vehemently denied the accusations, categorically stating that such payments did not constitute a revival of the fuel subsidy scheme that had been criticized for its economic implications in the past. The ruling party also took issue with Ph...

Cooking Gas to Increase in Price Next Week – Marketers

10Aug

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Cost of Living, Economy, News, Nigeria, Petroleum

Cooking Gas to Increase in Price Next Week – Marketers

Gas users in Nigeria are facing the grim prospect of higher prices in the coming weeks, as marketers have hinted at an impending price hike. The President of the Nigerian Association of Liquefied Petroleum Gas Marketers, Olatunbosun Oladapo, revealed that a confluence of factors, including rising international prices, high tax rates, vessel prices, forex scarcity, and naira devaluation, is pushing gas prices higher. Olatunbosun Oladapo, in a recent statement, cautioned gas users to brace themselves for the impact of price increases, which he stated would take effect as early as next week. He pointed out that international gas prices have surged, resulting in higher costs for importation. The increased prices of vessels, coupled with the scarcity of foreign exchange and the devaluation o...

NLC Suspends Nationwide Protests Against Removal of Fuel Subsidy

3Aug

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Cost of Living, Labour, News, Nigeria, Petroleum

NLC Suspends Nationwide Protests Against Removal of Fuel Subsidy

The Organised Labour has suspended its proposed nationwide strike and protests against the removal of fuel subsidy, not up to 24 hours after it had embarked on the mass action. The decision was announced by the President of the Trade Union Congress (TUC), Festus Osifo, during an interview with Arise News on Thursday morning. The Labour leaders, who had previously met with President Bola Tinubu, stated that they extracted commitments from the government to address some of the issues raised during the meeting, and these commitments were to be implemented immediately. Based on this development, the TUC and the Nigeria Labour Congress (NLC) decided to suspend the strike action. The initial plan for nationwide protests and the strike action came after the Nigeria Labour Congress had met w...

NLC: Government Response Will Determine Duration of Protest

2Aug

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Cost of Living, Economy, Human Rights, Labour, News, Nigeria

NLC: Government Response Will Determine Duration of Protest

The Nigeria Labour Congress (NLC) has made it clear that the duration of the ongoing protest will be determined by the response of the government to their demands, and not by the use of force. NLC President, Joe Ajaero, made this disclosure during an interview with Channels TV at Unity Fountain in the Federal Capital Territory (FCT) on Wednesday. The NLC launched its protest on Wednesday morning in various states of the federation, including the FCT, Lagos, Kaduna, Kano, Cross River, Ebonyi, Ogun, Imo, Ondo, and Edo, among others, against what they deem as "anti-people" policies. Ajaero emphasized that the NLC will decide whether the protest continues for today, tomorrow, or longer, based on the response received from the government. He stressed that it is not in the interest of the ...

BREAKING NEWS: NLC Confirms Nationwide Mass Protest to Proceed Tomorrow

1Aug

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Cost of Living, Human Rights, Labour, News, Nigeria, Press Statement

BREAKING NEWS: NLC Confirms Nationwide Mass Protest to Proceed Tomorrow

In a recent statement, the Nigeria Labour Congress (NLC) has declared that the nationwide mass protest, scheduled for tomorrow, August 2, 2023, will proceed as planned. This comes after a meeting with the federal government where the NLC sought to address the demands of the Nigerian workers and people. NLC President, Comrade Joe Ajaero, reaffirmed that the outcome of the meeting with the government had not altered the course set by the NLC as the custodians of the interests and desires of the Nigerian workers and people. Ajaero urged all Nigerians to disregard any efforts by "fifth columnists" who are working against the wishes of the people. Instead, he called on everyone to gather in their respective states and locations across the nation to give vent to this collective resolve. ...

Subsidy Removal: Organized Labour to Proceed with Planned Protest

1Aug

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Cost of Living, Labour, News, Nigeria, Petroleum

Subsidy Removal: Organized Labour to Proceed with Planned Protest

The organized labour has reiterated its decision to go ahead with a planned protest against the removal of petroleum subsidy, expressing doubts about President Bola Tinubu's ability to control inflation and gasoline prices due to the unification of the exchange rate. The announcement came after another round of discussions between the Steering Committee on palliatives and the presidential villa in Abuja. Joe Ajaero, the President of the Nigeria Labour Congress (NLC), told reporters that despite fears of the peaceful protest being hijacked by hoodlums, the workers are determined to proceed with their planned protest, which is scheduled to begin on Wednesday. Ajaero dismissed concerns about security, stating that in the history of workers' protests, such occurrences have never happened, a...

Oil Marketers Want Further Price Review as Petrol Prices Soar

24Jul

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Cost of Living, Economy, News, Nigeria, Petroleum

Oil Marketers Want Further Price Review as Petrol Prices Soar

Nigeria's oil marketers have asserted that the current petrol prices in the country do not accurately reflect the market reality and are projecting yet another price review this month. This comes less than two months after the price of petrol was increased from N189 per litre to N500. The situation has sparked outrage from the public, leading to criticism from various quarters. Recently, some filling stations operated by the Nigerian National Petroleum Corporation (NNPC) increased their pump prices of petrol from N537 per litre to N617 per litre across the country. This development has further exacerbated the already strained situation for consumers and businesses. Tunji Oyebanji, a former Chairman of the Major Oil Marketers Association of Nigeria and CEO of 11 Plc, expressed his con...