Tag: Price increase

?’Oil smugglers buy cheap fuel in Nigeria to sell for N1,700/litre in Benin, W’African markets’ – Customs

Aminu Imam
petrol price hike1

Concerns have been raised over the renewed smuggling of Premium Motor Spirit (PMS), otherwise known as petrol, among Nigeria’s West African neighbours such as Benin Republic, Cameroun, and others. The petrol price in Nigeria is around N701 per litre, while it is being sold at 1,700 per litre in some West African nations. This difference in pricing has led to an increase in the product’s smuggling out of Nigeria over the last two weeks. Comptroller-General of the Nigeria Customs Service, (NCS), Adewale Adeniyi, who revealed this during a press conference…

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FCCPC reveals those behind incessant increase in commodity prices

Aminu Imam
FCCPC

The Federal Competition and Consumer Protection Commission, (FCCPC), has blamed wholesalers and retailers for the incessant increase in the prices of commodities. The South-South Zonal Coordinator of FCCPC, Sir. Uchegbu Chukwuma, disclosed this to newsmen shortly after the nationwide food market inquiries by the Commission in Port-Harcourt, Rivers State on Wednesday. According to him, the FCCPC surveillance efforts suggest participants in the food chain and distribution sector, including wholesalers and retailers are allegedly engaged in conspiracy, price-gouging, hoarding and other unfair tactics to restrict competition in the market. He said…

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Poultry farmers groan as feed prices soar

Aminu Imam

Poultry Association of Nigeria, (PAN), on Friday called for urgent intervention of President Bola Tinubu’s administration on the astronomical hike in cost of poultry feeds. The association said that failure of Government to take urgent action to mitigate this challenge would lead to total collapse of poultry sub-sector of the economy. Secretary of PAN, FCT Chapter, Hakeem Musa, who made the call in an interview in Abuja, frowned at the perpetual hike in price of feed, adding that Government could intervene by giving grants to farmers in order to remain…

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FG to issue Executive Order to lower pharmaceuticals’ costs – Health Minister

Aminu Imam

Minister of Health, Ali Pate, has disclosed that the Federal Government will soon issue an Executive Order to control pharmaceutical pricing and lower the cost of necessary medications in Nigeria. Pate stared this on Wednesday, while interacting with State House correspondents after the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu. He explained that the Executive Order aims at enabling local drug manufacturers to thrive, while ensuring fair pricing of essential medicines. According to the Minister, the decision follows the exit of major multi-national pharmaceutical companies from…

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Poor Nigerians decry soaring cost of healthcare, as prices continue to rise

Aminu Imam

Nigerians have raised concerns over the rising cost of healthcare amid the economic downturn. Most Nigerians, who already have to foot 80% of their medical expenses out of pocket have to bear more financial burden as hospitals adjust fees for medical services. Lately, the rate at which Nigerians ask for donations to foot medical bills has increased tremendously on social media, this is due to the fact that the cost of medications, tests and consultations in hospitals are no longer affordable. Poverty is a major problem crippling the Nigerian health…

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‘High feed prices closing down poultry farms’ – Farmers lament

Aminu Imam

Poultry farmers are closing down business because of rising prices of maize and other feed ingredients for raising chickens and eggs, vital daily sources of protein for individuals and households across the country. The Poultry Association of Nigeria (PAN), which raised the alarm on Tuesday, said the sector will crash totally if the government fails to intervene. “At the moment, the poultry industry in Nigeria is on the verge of total collapse if urgent intervention is not channelled to it without further delay. PAN’s National President, Sunday Ezeobiora and Director-General,…

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Commuters to pay more as private transporters begin 25 percent fare increase Aug. 25

Aminu Imam

Interstate travellers in Nigeria should brace-up to pay more from August 25, following the decision of transporters to increase fares by 25 percent over rising costs of operation. This was the resolution after a meeting of the operators and board of All Private Transport Company Owners, (APTCON), which was contained in a memo it issued yesterday addressed to operators under its aegis. An internal memo, titled: “Notification of price increase effective 25th August 2022“, said the move is to prevent a situation where the operators run at a loss, and…

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Aviation Fuel: ‘One hour flight could hit N120,000’ – Stakeholders

Aminu Imam

Stakeholders in the nation’s aviation sector have asked the Airlines Operators of Nigeria, (AON), to raise their ticket sales to meet the current reality instead of shutting down their operations over the recent hike in the price of aviation fuel, also known as, Jet-A1. This is coming against the backdrop of AON’s insistence on going ahead with the planned shutdown of their operation. However, AON has said with aviation fuel costing 95% operating cost of airlines, a unit cost per seat for a one-hour flight in Nigeria today will hit…

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Aviation fuel price hike: Domestic airlines to shut operations from Monday

Aminu Imam

Domestic airlines operating in Nigeria have said they will discontinue operations nationwide with effect from Monday, May 9, 2022, until further notice as a result of the fuel increase nationwide. In a statement by the Airline Operators of Nigeria (AON), it stated that member airlines have carried on deploying and subsidizing their services to the Nigerian flying public in the last four months despite the steady and astronomical hike in the price of JetA1 and other operating costs. In the statement, which was signed by Managing Directors of Max Air,…

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CSOs express sadness over high cost of fuel, epileptic power supply, and soaring food prices

Aminu Imam

As Nigerians continue to get frustrated daily by the harsh economic situation, Civil Society Organisations, (CSOs), have expressed sadness over high cost of Premium Motor Spirit, (PMS), diesel, poor power supply, and soaring food prices coupled with the depreciating security situation in the country. Speaking with newsmen on Monday, the CSOs, including Civil Society Legislative Advocacy Centre, (CISLAC), One Love Foundation, (OLF), and Concerned Nigerians, (CN), said Nigerians are currently at the lowest ebb, as more are being pushed into poverty and misery. According to the CISLAC Executive Director, Auwal…

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