Nigerians are grappling with skyrocketing fuel prices, which have risen by 50% in recent days, further exacerbating the cost of living. Citizens, business owners, and religious leaders, including Bishop Matthew Kukah, have called on President Bola Tinubu to reduce the prices to alleviate suffering. The Arewa Youth Consultative Forum (AYCF) also warned the government not to take Nigerians for granted, while the Ooni of Ife urged patience, citing upcoming relief from the Dangote Refinery.
Families and businesses across Nigeria are feeling the strain as the recent 50% hike in petrol prices deepens the already difficult economic situation. With fuel prices now ranging between N850 and N1,400 per litre, Nigerians are experiencing rising costs in transportation, goods, and essential services, intensifying financial hardship for households and businesses.
The sudden increase has sparked widespread outcry, with many urging the government to intervene. Speaking on the issue, a frozen food trader, Mrs. Arinola Olusoji, expressed her frustration: “I’m finding it difficult to balance my budget. The increase in petrol prices has added to my transportation costs, and I’m struggling to afford necessities like food and rent.”
Low-income earners, including commercial bus drivers like Mr. Johnson Odumakin, echoed these concerns, stating that the rise in fuel costs has drained their savings, leaving them worried about their future.
Economists and business leaders warn of dire consequences for the economy. Treasury Capital and Trust Limited’s CEO, Mr. Tom Achoda, predicted that many businesses may shut down due to the sharp increase in operational costs, leading to non-performing loans (NPLs) and further economic downturn. Achoda explained that fuel prices, now far exceeding N1,000 per litre, would reduce consumers’ purchasing power and negatively impact businesses, particularly small and medium-sized enterprises (SMEs).
The fuel price hike has also prompted reactions from key figures. Archbishop Matthew Kukah, Catholic Bishop of Sokoto Diocese, called on President Tinubu and the All Progressives Congress (APC) to reduce the petrol price to ease Nigerians’ suffering. Kukah lamented the widespread hunger and hardships across the country, urging political leaders to address these issues urgently.
Similarly, the Arewa Youth Consultative Forum (AYCF) issued a stern warning to the federal government not to take Nigerians for granted. AYCF President Yerima Shettima criticized the government for exacerbating the economic strain on citizens and urged leaders to reconsider policies causing widespread hardship.
In contrast, the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, called for patience, assuring Nigerians that the situation would improve. He pointed to the forthcoming operations of the Dangote Refinery as a potential relief measure, predicting that the refinery’s activities would lower fuel prices and create jobs for Nigerian youths. The Ooni further emphasized that refining crude oil locally would alleviate the cost burdens associated with exporting crude for refining abroad.
Despite these calls for intervention, the high cost of fuel continues to strain daily life in Nigeria. Businesses are grappling with higher operating costs, while citizens struggle to make ends meet, leaving many questioning the government’s approach to economic reforms.
Keywords: Nigeria fuel price hike, cost of living, economic hardship, fuel scarcity, Bishop Kukah, AYCF, Ooni of Ife, Dangote Refinery, President Tinubu, Nigerian businesses, inflation