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☆ Nigeria's cost-of-living crisis is getting worse daily after an 'abrupt' fuel hike
▼ + stars: | 2023-07-07 | by ( Nimi Princewill | ) edition.cnn.com time to read: +9 min

“The hike in fuel price has caused a scarcity of passengers,” Hanwa, 50, added. “Before the hike in fuel price, Abuja to Kano was 5,500 ($7.26) but is now 8,500 ($11.22),” he said. Successive governments had carried on with fuel subsidy since its introduction in the 1970s but had also mooted deregulating the country’s oil sector. Along with soaring transport fares, food prices and costs for other essentials have skyrocketed across the country. Economist Bismarck Rewane agrees that halting fuel subsidy “makes economic sense,” but mentions that the saved proceeds from the scheme must be ploughed back into bettering the lives of Nigerians.

Persons: Hanwa, ”, ” Hanwa, Jume Hanwa, Nimi Princewill, Bola Tinubu, Tinubu, Usman Imam, “, Sam Amadi, ” Amadi, ” Fabian Grace, Grace, who’s, Fabian Grace, ” Grace, “ I’ve, I’m, Bismarck Rewane, ” Rewane Organizations: Nigeria CNN —, CNN, CNN Transport, National Petroleum Corporation, ” Travelers, Usman, Abuja School of Social Locations: Abuja, Nigeria, Nigeria’s, Nimi, Kano, Africa’s, Maraba, Nasarawa State, Edo State

☆ Nigeria: Fuel prices triple as new leader Tinubu ends subsidy
▼ + stars: | 2023-06-01 | by ( Nimi Princewill | ) edition.cnn.com time to read: +4 min

In a seemingly off-the-cuff remark during his inaugural speech Monday, Tinubu declared, “the fuel subsidy is gone,” adding that it was unsustainable. The last time the government tried to remove fuel subsidies in 2012, it sparked nationwide protests. Fuel subsidies are a drain on public finances and many argue that they have led to widespread abuse and corruption. Previous governments have tried unsuccessfully to remove the fuel subsidy, which has kept gas prices artificially low, although they have steadily climbed through the years. Fuel subsidies were not sustainable, but ending them “abruptly” without provision for economic and social consequences was “reckless,” he added.

Persons: Bola Tinubu, Tinubu, “, Joe Ajaero, Goodluck Jonathan, Sam Amadi, ” Amadi, NNPC Organizations: Nigeria CNN —, CNN, National Petroleum Corporation, Nigeria’s Labour Congress, Occupy, Abuja School of Social, ” Locations: Abuja, Nigeria, Africa’s, State, Occupy Nigeria

Abuja, Nigeria CNN —Nigeria was forced Wednesday to delay plans to replace its banknotes with a redesigned currency after chaotic scenes at ATMs as millions of people struggled to get their hands on the new cash. The new naira notes are, however, “fortified with security features that make them difficult to counterfeit,” President Buhari said last year. Across the country, banks have increasingly become targets of mounting anger over the frustrating search for the new naira notes. Angry Nigerians vandalise Bank premises over frenzy of new naira notes. Nigerians are desperately relying on their banks to distribute new bills after the February 10 deadline to exchange the old currency saw many scrambling to deposit their old notes.

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