Tag: Cost of Living

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

19Feb

By adminNo Comments

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...

Renewed Hope Has Turned to Hopelessness – Prof Usman Yusuf

20May

By adminNo Comments

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...

Cooking Gas to Increase in Price Next Week – Marketers

10Aug

By adminNo Comments

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...

Subsidy Removal: Organized Labour to Proceed with Planned Protest

1Aug

By adminNo Comments

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...

Bakers on The Verge of a Nationwide Strike

20Jul

By Osaretin BalogbanNo Comments

Cost of Living, Economy, Nigeria

Bakers on The Verge of a Nationwide Strike

The Association of Master Bakers and Caterers of Nigeria threaten to stop their services across the country from henceforth. The association's reasons are the hike in the price of bakery materials, the cost of diesel, and other related issues which affect their services. The union had threatened to embark on a strike as of the 25th of June for the same reasons. Abuja’s Union Chairman of AMBCN, Ishaq Adbulrahehem, disclosed that the new development is a result of the increase in the price of bakery materials such as flour, sugar and other baking ingredients. He said: “We are withdrawing our services nationwide. We expect government’s response so that we can review whatever we are doing. The high cost of ingredients, rate at which we are buying diesel – which is N880 per litre i...

Eat Cassava If Wheat Is Expensive, President Museveni Tells Ugandans

23May

By Chukwuebuka FestusNo Comments

Agriculture, Cost of Living, Economy, News, Uganda

Eat Cassava If Wheat Is Expensive, President Museveni Tells Ugandans

Ugandan President Yoweri Museveni says his government will not intervene in the current economic situation amid a rising cost of living. Prices of petroleum products, imported raw materials and food have been rising in recent months, a crisis being experienced globally following the war in Ukraine. In a televised national address on Sunday night, Mr Museveni said that government subsidies or removal of import taxes would collapse the economy. There would be a haemorrhage of dollars from the national reserves for the purchase of those expensive products, he added. Read Also: Peter Obi Warns That Nigerians Now Spend 100% Of Salary On Food Mr Museveni said Uganda will need to frugally use the imported items it can afford. He advised citizens to substitute expensive wheat wit...

Claims Buhari Promised to Make One Naira Equal to One Dollar Fake – Presidency

29Mar

By Obiajulu Joel NwoluNo Comments

Cost of Living, News, Nigeria

Claims Buhari Promised to Make One Naira Equal to One Dollar Fake – Presidency

The Presidency has rubbished claims that President Muhammadu Buhari administration had at any point in time promised to make one naira equivalent to one dollar. The Special Adviser to the President on Media and Publicity, Femi Adesina said that such promise was never made and tagged reports of claiming otherwise as fake. Adesina stated this when he featured as a guest on Channels Television’s Sunday Politics. He said, "It does not exist, it is fake, it is false, it is apocryphal, it doesn't exist." Adesina said the minister of information, Alhaji Lai Mohammed, debunked the claim many times and challenged anyone with clips and publications to make them available. Reacting to negative criticisms directed at the president and the administration, Mr. Adesina said Nigerians must ...

TUC Tackles Sylva Over Impending Fuel Price Hike

10Feb

By Obiajulu Joel NwoluNo Comments

Cost of Living, Economy, News, Nigeria, Petroleum

TUC Tackles Sylva Over Impending Fuel Price Hike

The Trade Union Congress, TUC, has faulted the Minister of State for Petroleum Resources, Chief Timipre Sylva, over his comment that Nigerians should get ready for the pain associated with the increase in crude oil price. The Manufacturers’ Association of Nigeria, the Lagos Chamber of Commerce and Industry and other critical stakeholders also urged the Federal Government to use rising revenue from crude oil to tackle poverty and drive an all-inclusive growth. They said this in separate interviews with The Punch on Tuesday while reacting to a statement by Sylva, who earlier alerted Nigerians to expect benefits and pain from the rising price of crude oil in the world market. Nigeria’s dependence on crude oi for about 50 per cent of government revenues and over 90 per cent of export ...

Strike Called off, Agreement Reached between FG and Labour – Keyamo

28Sep

By adminNo Comments

Breaking News, Cost of Living, Employment, Infrastructure, Labour, News, Nigeria, Power

Strike Called off, Agreement Reached between FG and Labour – Keyamo

Minister of State for labour tweeted in the early hours of this morning that the federal government has reached an agreement with labour leading to a suspension of the scheduled strike action. The tweet read "FG & LABOUR reach agreement at 2:53am. Deregulation to stay as Govt rolls out palliatives for labour (details in 2 weeks); Electricity tariffs suspended by Govt for 2 weeks with a joint Committee headed by @fkeyamo to examine the justification for the new policy. Strike suspended." FG & LABOUR reach agreement at 2:53am. Deregulation to stay as Govt rolls out palliatives for labour (details in 2 weeks); Electricity tariffs suspended by Govt for 2 weeks with a joint Committee headed by @fkeyamo to examine the justification for the new policy. Strike sus...

If we Truly Deregulated, Shouldn’t Fuel Price Drop? Atiku Queries

8Sep

By Obiajulu Joel NwoluNo Comments

Cost of Living, News, Nigeria, Petroleum

If we Truly Deregulated, Shouldn’t Fuel Price Drop? Atiku Queries

Former Vice President, Atiku Abubakar has questioned the recent increase in the price of Premium Motor Spirit (PMS), credited to the deregulation of the petroleum sector by asking, “if we truly deregulated, shouldn’t fuel price drop?” The Peoples Democratic Party (PDP) presential candidate in the 2019 election expressed his lack of understanding of the rational behind the increase in a tweet posted on his official Twitter handle. He said that as a businessman, he is concerned with the economic perspective of affairs. Atiku made a comparison between the present price of crude and what was obtainable in 2019. He added that fuel prices are far lower now in US and Europe than they were in 2019. His reaction adds to the pool of criticisms that have trailed the increment of petrol p...