• About Us
  • Contact Us
  • Privacy & Policy
Sunday, October 12, 2025
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
Advertisement
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
No Result
View All Result

Fuel Subsidy Shockwave: Nigerians Hit Hard by Rising Hardships

Martins Nwakaji by Martins Nwakaji
July 4, 2024
in National
Reading Time: 4 mins read
A A
0
Fuel Subsidy Shockwave: Nigerians Hit Hard by Rising Hardships
Share on FacebookShare on TwitterShare on WhatsappShare on EmailShare on Telegram

The adversity faced by the Nigerian populace over the past year remains unforgettable due to the cessation of fuel subsidies by the Federal Government.
Recall that President Ahmed Bola Tinubu, on May 29, 2023, during his inauguration as the newly elected leader of the Federal Republic of Nigeria, declared that the era of fuel subsidies was over. This proclamation was made in his national address following the administration of the oath of office.
The President’s decision elicited varied responses from the citizenry. While some viewed it as a favorable step towards fostering a competitive oil market in Nigeria, others perceived it as a move that would exacerbate the living conditions of ordinary Nigerians. The removal of fuel subsidies was anticipated to result in an escalation of fuel prices, consequently leading to a surge in the prices of goods and services.
The Federal Government sought to reassure the populace, asserting that the current hardships were transient.
On August 1, 2023, President Tinubu, in a nationwide broadcast, disclosed that the Federal Government had accumulated savings of N1 trillion in the two months (June and July) subsequent to the elimination of petrol subsidies.


Furthermore, the Federal Government indicated that these funds had been disbursed to state governors in an effort to alleviate the repercussions of the subsidy removal. This allocation was reflected in the disbursements received by state Governors in preceding months.
The removal of subsidies by the Federal Government precipitated an upsurge in the prices of petroleum products. Beyond the surge in fuel prices, Nigerians also grappled with product shortages amid exorbitant pump prices.
According to a monthly report from the Nigeria Bureau of Statistics (NBC), the average retail price paid by consumers for Premium Motor Spirit (PMS) in April 2024 stood at N701.24 per litre, marking a 176.02 percent increase compared to the value recorded in April 2023, which was N254.06. Additionally, the price of Automotive Gas Oil (Diesel) escalated from N654.48 in April 2023 to N842.25 per litre in April 2024, reflecting a 28.69 percent increase. Household kerosene (HHK) was priced at N1,439.64 in April 2024, indicating a 6.29 percent increase compared to the N1,354.40 recorded in March 2024. However, the cost of refilling a 5kg cylinder of Liquefied Petroleum Gas (cooking gas) declined by 1.06 percent from N6,521.58 in March 2024 to N6,521.58 in April 2024.
In April 2024, Nigeria faced a petrol scarcity crisis, with motorists enduring lengthy queues to procure fuel. The scarcity led to a surge in petrol prices across various regions, reaching an average of N950 per litre.

The transportation sector was not spared from the repercussions, with the cost of ferrying passengers and goods soaring due to market inflation. Short journeys of under two kilometers were now priced at N500, eliciting complaints from passengers and road users regarding the exorbitant charges imposed by motorists.
Motorists attributed the escalated transportation costs to the high prices of petrol, spare parts, and the inadequate road infrastructure.


The Nigerian currency continued to depreciate against foreign currencies, particularly the US dollar, which reached unprecedented exchange rates. The average exchange rate in 2024 stood at approximately N1,283.94 Nigerian Naira to one US dollar, surging from an average of N460.702 in May 2023. This currency devaluation exacerbated inflation on imported goods, impacting the cost of living for Nigerians.
The surge in imported goods’ prices, despite the government’s border closures, exacerbated the economic strain on Nigerians. The prevalent hunger crisis in the country rendered it challenging for the average citizen to afford even a single meal, let alone three square meals a day. The inflated prices of food items were markedly higher than in previous years.
The National Bureau of Statistics (NBC) highlighted the soaring prices of essential food commodities in April 2024. The average price of 1kg of local rice surged by 155.93 percent from N546.76 in April 2023 to N1,399.34 in April 2024. Similarly, 1kg of white garri recorded a 134.98 percent increase, rising from N362.50 in April 2023 to N851.81 in April 2024. 1kg of brown beans also experienced a 12.44 percent price hike from N1,234.40 in March 2024 to N1,387.90 in April 2024. Furthermore, the average price of 1kg of yam tuber spiked by 154.19 percent from N444.69 in April 2023 to N1,130.37 in April 2024. Other food staples such as palm oil and vegetable oil witnessed similar price escalations.

On May 29, 2023, petrol prices surged to an average of N550 per litre in most filling stations within the Anyigba community. Some stations refrained from dispensing their old stock in anticipation of new pricing adjustments, while market vendors inflated the prices of existing inventory.
Emmanuel, reflecting on the economic impact of subsidy removal in an academic setting, highlighted the heightened cost of living for students at Prince Abubakar Audu University (PAAU). He underscored the substantial price increments in goods and services, noting that essentials like rice had doubled in cost over the past year.
Addressing the surge in printing costs, a computer operator attributed the spike to increased petrol prices and other printing material expenses. Despite maintaining customer patronage, particularly from students, the operator lamented the escalating operational costs compared to previous periods.
A commercial bike rider operating within a campus setting expressed discontent with the adverse effects of subsidy removal. He bemoaned the resultant price hikes across various sectors, including spare parts and overall operational expenses. Moreover, he noted that the economic strain had compelled many motorcycle riders to resort to hire purchase schemes, incurring additional charges beyond the standard market rates.

Tags: nigeriapolitics
Martins Nwakaji

Martins Nwakaji

Related Posts

Amupitan will need courage to restore INEC’s credibility — Presidency
National

Amupitan will need courage to restore INEC’s credibility — Presidency

1 day ago
Despite Herdsmen attack, Enugu is the safest State in Nigeria-Governor Peter Mbah
National

Mbah’s APC defection move rips Enugu PDP apart

1 day ago
Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

We never imported bad fuel – Dangote Refinery

1 day ago
Labour Party loses more chieftains to Enugu PDP in recent defection
National

Choose to redeem, not bury Nigeria’s democracy – LP tells Amupitan

1 day ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

NATIONS NEWS

Amupitan will need courage to restore INEC’s credibility — Presidency
National

Amupitan will need courage to restore INEC’s credibility — Presidency

1 day ago
Despite Herdsmen attack, Enugu is the safest State in Nigeria-Governor Peter Mbah
National

Mbah’s APC defection move rips Enugu PDP apart

1 day ago
Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

We never imported bad fuel – Dangote Refinery

1 day ago
Labour Party loses more chieftains to Enugu PDP in recent defection
National

Choose to redeem, not bury Nigeria’s democracy – LP tells Amupitan

1 day ago
PDP Governors Hold Crucial Caucus Ahead NEC Meeting
National

PDP to Senate: Don’t hurry Amupitan confirmation, Nigerians deserve credible INEC chair

1 day ago
Nigerians can’t wait to assess new INEC chairman’s performance – Nwagwu
National

Nigerians can’t wait to assess new INEC chairman’s performance – Nwagwu

2 days ago

POLITICS

Despite Herdsmen attack, Enugu is the safest State in Nigeria-Governor Peter Mbah

Mbah’s APC defection move rips Enugu PDP apart

1 day ago
PDP Governors Hold Crucial Caucus Ahead NEC Meeting

PDP to Senate: Don’t hurry Amupitan confirmation, Nigerians deserve credible INEC chair

1 day ago
2027: Defections can’t stop us – PDP declares

2027: Defections can’t stop us – PDP declares

2 days ago
Seven Akwa Ibom Lawmakers Defect to APC, Citing Party Divisions

2027: ADC’s hope of victory just hallucination – APC

3 days ago
Akpabio, Moro in heated argument over senators’ defections

Akpabio, Moro in heated argument over senators’ defections

3 days ago
Court Orders INEC to Prosecute 2023 Election Offenders

Fix INEC before 2027 elections – Political leaders urge Tinubu

5 days ago

YOUR ECONOMY

Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

We never imported bad fuel – Dangote Refinery

1 day ago
Naira Appreciates to N1,465/$ as External Reserves Reserves Jump to $42.4bn
Economy

Naira Appreciates to N1,465/$ as External Reserves Reserves Jump to $42.4bn

1 week ago
BREAKING NEWS: PENGASSAN Declares Nationwide Strike.
Economy

BREAKING NEWS: PENGASSAN calls off strike

2 weeks ago
You’re scaring off investors – Senator Karimi warns PENGASSAN over feud with Dangote Refinery
Economy

You’re scaring off investors – Senator Karimi warns PENGASSAN over feud with Dangote Refinery

2 weeks ago
BUA Chairman: Naira Will Settle at N1,300/$ by December 2025
Economy

BUA Chairman: Naira Will Settle at N1,300/$ by December 2025

2 weeks ago
IMF, World Bank, puppeteers behind Nigeria’s full fuel subsidy removal – Falana
Economy

IMF, World Bank, puppeteers behind Nigeria’s full fuel subsidy removal – Falana

4 weeks ago

E & P

EPL: They’ll be beaten – Paul Scholes predicts winner in Liverpool vs Man Utd
Sports

EPL: They’ll be beaten – Paul Scholes predicts winner in Liverpool vs Man Utd

by Steven Atogi
4 days ago
0

Manchester United legend, Paul Scholes has predicted the Premier League match between the Red Devils and Liverpool. Liverpool will host...

EPL: Amorim should use Mbeumo as striker over Sesko — Owen

EPL: Amorim should use Mbeumo as striker over Sesko — Owen

1 week ago
Xavi Hernandez hinted to replace Ruben Amorim at Old Trafford

Xavi Hernandez hinted to replace Ruben Amorim at Old Trafford

2 weeks ago
Dembele wins 2025 Ballon d’Or ahead of Yamal [Full list]

Dembele wins 2025 Ballon d’Or ahead of Yamal [Full list]

3 weeks ago
Paul Scholes Defends Amorim’s System, Slams Manchester United Recruitment System

Paul Scholes Defends Amorim’s System, Slams Manchester United Recruitment System

4 weeks ago
Lookman Wins Atalanta Player of the Month of September 2024

Siasia to Chelle: Rely on Lookman, Arokodare

1 month ago

YOUR THOUGHT & HISTORY

NASS Rubber-Stamp Tinubu: PDP Chieftain Blasts Legislature, Calls Akpabio ‘Unfit’
National

NASS Rubber-Stamp Tinubu: PDP Chieftain Blasts Legislature, Calls Akpabio ‘Unfit’

by Steven Atogi
1 week ago
The Union, the Tycoon, and the State: Dangote versus PENGASSAN War, A New Precedent for Nigerian Labour
Opinion

The Union, the Tycoon, and the State: Dangote versus PENGASSAN War, A New Precedent for Nigerian Labour

by Odini Brains
2 weeks ago
HOW MR EAZI, OTEDOLA’S SON-IN-LAW, BUILT AN 18-COUNTRY EMPIRE
Opinion

HOW MR EAZI, OTEDOLA’S SON-IN-LAW, BUILT AN 18-COUNTRY EMPIRE

by Odini Brains
1 month ago
Mr Eazi and Temi Otedola: A Love Story That Traveled Three Continents
National

Mr Eazi and Temi Otedola: A Love Story That Traveled Three Continents

by Odini Brains
1 month ago
The Rise And Fall Of Sports Institute, Isaka
Columns

The Rise And Fall Of Sports Institute, Isaka

by Tammy Opoki
2 months ago

Who we are

Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history

Welcome to Umpire News, your go-to online newspaper dedicated to broadening perspectives and expanding the horizons of our numerous readers. Read more

Browse by Category

  • Columns
  • Economy
  • Editorial
  • Entertainment
  • International
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Trends

Recent News

Amupitan will need courage to restore INEC’s credibility — Presidency

Amupitan will need courage to restore INEC’s credibility — Presidency

October 11, 2025
Despite Herdsmen attack, Enugu is the safest State in Nigeria-Governor Peter Mbah

Mbah’s APC defection move rips Enugu PDP apart

October 11, 2025
  • About Us
  • Contact Us
  • Privacy & Policy

© 2024 Copyright Umpirenews. All rights reserved

No Result
View All Result
  • Home
  • National
  • Economy
  • Politics
  • Sports
  • Entertainment
  • Editorial
  • Opinion
  • Columns

© 2024 Copyright Umpirenews. All rights reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.

🤑Join & Get Our Easter Gifts 🤑

Enter your NAME & Email NOW!!

Be among the 1st 100 lucky WINNERS to win our Amazing GIFTs this Easter Period as you READ our Daily hot NEWs & make meaningful comments and follow us on our social media handles.

Name
Enter your email address