Nigerians are battling for survival under the weight of the economic reforms introduced by President Bola Tinubu since he assumed office on May 29, 2023.
News360 Info reports that right from the swearing-in venue, President Tinubu announced an immediate end to the fuel subsidy regime, instantly sending the price of petrol skyrocketing to about ₦600 per litre from its previous price of less than ₦200.
The increase in the price of petrol automatically caused significant increases in the prices of various essential goods, services and food items, affecting the cost of living for millions of Nigerians.
At the time of filing this report, many filling stations across the country are dispensing at about ₦900 per litre amidst fuel scarcity and queues.
While the government has argued that the economic reforms are necessary and the attendant hardship would be temporary, many Nigerians have been suffering undeniable pains and hunger due to the rising cost of living and inability to afford basic necessities.
This article highlights, in no particular order, some of the major items and services that have seen price hikes during Tinubu’s administration.
1. Petrol Price Hike
The removal of petrol subsidy in May 2023 by President Tinubu, resulted in overall inflation as the price of goods and commodities went up, tripling in some circumstances. The surge has had a ripple effect on transportation costs, food prices, rent and other basic needs.
2. Electricity Tariff
In April 2024, the government, through the Nigerian Electricity Regulatory Commission (NERC), announced an increase in the electricity tariff charge. The Distribution Companies (DisCos), raised the tariff for Band A customers from ₦68/kWh to ₦225/kWh, a staggering 240% increase.
The government said the removal of subsidy for Band A customers would save the nation about ₦1.5 trillion.
3. Passport Price
Nigerians were greeted with the news of an increase in the price of international passports on Wednesday, 21st August, 2024.
The Nigeria Immigration Service, in a statement released through its Public Relations Officer, KT Udo, disclosed that the 32-page Passport booklet with five-year validity previously charged at ₦35,000 will now be ₦50,000.
The sixty-four-page passport booklet with 10-year validity, which was ₦70,000 will be ₦100,000.
The government said the move which becomes effective from September 1, is part of its effort to maintain the quality and integrity of the Nigerian Standard Passport.
4. Cooking Gas
Cooking gas prices have continued to increase and, in some cases, going beyond the reach of ordinary Nigerians, who are now forced to settle for cheaper alternatives such as charcoal.
5. Transportation Costs
The sharp increase in the price of petrol has resulted in an increase in transport fares at both intra and inter-city levels.
In certain cases, public transport costs have doubled or even tripled, making travelling more expensive for Nigerians.
Other means of transportation, such as air fares are not saved in the increase.
6. Food Price
The price of food items have continued to rise astronomically, causing hunger in many households due to the inability to afford the food items in the market.
The increased transportation costs have also directly impacted the prices of staples such as rice, beans, and maize, placing additional strain on household budgets across the country.
7. Tuition Fee
The tuition fees in several public institutions, including universities, have been hiked in recent times. The management of such institutions cited rising costs of maintenance for the substantial increase in charges.
This development sparked protests in some higher institutions and most recently, another general protest, tagged #EndBadGovernance was witnessed in many major cities as part of efforts to call government attention to the hardship in the country caused by its economic policies.
