President Bola Tinubu said Nigeria can’t achieve meaningful development if Nigerians want everything to be free. The president made these remarks in China on Friday during a meeting with Nigerians living in the country. “The more you want everything free, it will become more expensive and long-delayed to achieve meaningful development,” he said.....CONTINUE READING THE ARTICLE FROM THE SOURCE
Defending the recent hike in petrol pump price, Tinubu explained that the increase is part of a broader strategy to drive economic growth in Nigeria.
Tinubu added that the price increase and other reforms introduced by his administration are necessary steps to put the country on the path to long-term economic stability and prosperity.
He said, “Nigeria is going through reforms, and we are taking very bold and unprecedented decisions. For example, you might have been hearing from home in the last few days about fuel prices.
“What is the critical part to get us there if we cannot take hard decisions to pave the way for a country that is blessed and so talented?
Last week, the pump price of petrol, which had already been on the rise, skyrocketed once again.
What was once sold between N600 and N770 now costs anywhere from N855 to N1,200, depending on location and filling stations.
This steep hike has not only diminished the gains from the still unimplemented new minimum wage approved in July, but has also triggered a domino effect on transportation costs, which in turn, is driving up the prices of food and other essential commodities.
“It’s like we’re taking one step forward and two steps back,” lamented a civil servant in Lagos who doesn’t want to be mentioned. “The minimum wage increase was supposed to improve our lives, but now it’s being eroded by rising fuel prices.”
This sentiment is echoed by many Nigerians who have watched their purchasing power erode faster than the government can implement its promises.
Nigeria has just heaved a sigh of relief from a near three-decade high inflation which has sparked a cost-of-living crisis and led to multiple social unrest as citizens demand an end to their economic maladies.
According to the National Bureau of Statistics (NBS), the July annual inflation rate declined to 33.40 percent up from 34.19 percent in June, 2024 on high base effect and lower food prices due to bumper harvest.
Food inflation, which accounts for over 50 percent of Nigeria’s headline inflation, also decelerated to 39.58 percent in the same month under review, fanning hopes of respite to households who have endured the worst economic crisis in a generation.
But with an inevitable hike in pump price, Nigeria might not be out of the woods yet in its fight to combat rising prices and weakening purchasing power.
With food prices now soaring, the anticipated wage increase offers little respite to households already stretched to their limits.
