Connect with us

News

ActionAid Nigeria Demands Immediate Action on Fuel Price Increases, Calls for Economic Reform

Published

on

ActionAid Nigeria Demands Immediate Action on Fuel Price Increases, Calls for Economic Reform

By: Michael Mike

ActionAid Nigeria has condemned the latest hike in pump price of petroleum products, demanding immediate action from the government on economic reform

The Non Governmental Organisation said increasing the minimum wage from N30,000 to N70,000 was never enough to bring economic succour

ActionAid, in a statement on Wednesday signed by its Country Director, Andrew Mamedu asked that: “The Federal Government must prioritise the welfare of Nigerian Citizens over revenue generation and provide a comprehensive plan to protect vulnerable citizens and support small businesses within 48 hours. This plan must include measures to mitigate the impact of high fuel prices on the poor and vulnerable.”

Mamedu lamented that: “Since President Bola Ahmed Tinubu assumed office in May 2023, the removal of fuel subsidies has led to a harsh economic reality for many Nigerians. Despite efforts to recover, the Federal Government’s decision to allow fuel prices to surge again has worsened the situation, leading to a ripple effect on the economy.

“In May 2023, just before President Tinubu’s inauguration, petrol prices were already high at N185 per litre, causing widespread discontent among Nigerians due to the accompanying high cost of goods. However, on his first day in office, fuel prices skyrocketed to N500 per litre, leading to a sharp surge in the prices of essential commodities.

“Since then, fuel prices have continued to rise steadily. By August 2023, it reached N626.70 and continued to fluctuate, surmounting N668.3 in January 2024 and N770.54 in July 2024. As of September 2024, it has increased again to a staggering N897 per litre, which greatly worsens the situation for many Nigerians.”

He noted that: “Clearly, Nigeria’s fuel pricing is heavily influenced by the dollar-to-naira exchange rate due to the country’s reliance on imported fuel, which is denominated in US dollars (USD). Consequently, a depreciation of the naira against the dollar leads to higher fuel import costs, resulting in increased prices at the pump as well.

“This direct correlation between exchange rates and fuel prices makes Nigeria’s fuel pricing vulnerable to exchange rate fluctuations. Any changes in the dollar-to-naira rate will have a ripple effect on fuel import costs, ultimately impacting the prices consumers pay at the pump, and highlighting the need for a more stable exchange rate to mitigate the volatility in fuel pricing.”

He added that: “It is one thing to fix an impending problem of inflation in the economy, and it is another thing to provide temporary solutions to keep the mouths of Nigerians shut. Although the minimum wage has increased from N30,000 to N70,000, it fails to address the root causes of inflation and does little to alleviate the suffering of Nigerians, who continue to bear the brunt of skyrocketing commodity prices, particularly fuel costs. We need a comprehensive and sustainable solution, not just a quick fix to silence the masses.”

On the latest increase, Mamedu said: “ActionAid Nigeria strongly condemns this development, which will push millions of Nigerians deeper into poverty. We demand transparency in fuel pricing, including a clear breakdown of costs and revenues associated with fuel imports, refining, and distribution. The Federal Government must provide a detailed explanation of the fuel pricing mechanism to ensure accountability and trust.

“To address the root causes of this crisis, we also demand the establishment of an independent committee to monitor fuel pricing and ensure transparency. This committee must include representatives from civil society, the private sector, and government agencies. Additionally, the Federal Government must invest in Nigerian refineries and provide targeted support to vulnerable citizens and small businesses affected by fuel price increases.”

He said: “Concurrently, the Federal Government must implement a comprehensive economic reform plan as soon as possible, including measures to diversify the economy, increase foreign exchange earnings, and stabilize the naira. This plan should include specific targets and timelines for reducing inflation, improving foreign investment, and promoting local production. We demand transparency and regular progress updates to ensure accountability and build trust with the citizens.”

Mamedu warned that: “ActionAid Nigeria will hold the government accountable for their actions and demand a better future for all Nigerians. We will take all necessary actions to ensure that the government is held accountable to Nigerian citizens.”

ActionAid Nigeria Demands Immediate Action on Fuel Price Increases, Calls for Economic Reform

Continue Reading
Click to comment

Leave a Reply

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

News

European Union Commits €22m to Accelerate Nigeria’s Fibre Network Under BRIDGE Project

Published

on

European Union Commits €22m to Accelerate Nigeria’s Fibre Network Under BRIDGE Project

By: Michael Mike

The European Union has pledged €22 million in grant funding to support Nigeria’s large-scale fibre-optic expansion, reinforcing the Federal Government’s drive to transform the country’s digital backbone.

The grant, announced in Abuja on Wednesday, will be channelled through the European Bank for Reconstruction and Development (EBRD) and on-granted to the Federal Ministry of Communications, Innovation and Digital Economy for implementation of the government’s Project BRIDGE initiative.

The EU funding will sit alongside an €86 million loan from the EBRD’s own resources, pending final approval. The operation represents the EBRD’s first major sovereign financing in Nigeria since the country formally became a shareholder of the bank last year.

Minister of Communications, Innovation and Digital Economy, Bosun Tijjani described the agreement as a decisive step toward delivering the BRIDGE project within schedule, noting that Nigeria’s digital transformation agenda depends heavily on robust and inclusive broadband infrastructure.

He said the partnership reflects growing confidence in Nigeria’s digital roadmap and expressed optimism that 2026 would mark a year of tangible progress in cooperation between Nigeria and the EU.

EBRD President, Odile Renaud-Basso, who is on an official visit to Nigeria, said the bank was proud to collaborate with the EU to expand digital infrastructure in Africa’s largest economy. She noted that the technical cooperation embedded in the financing is structured to crowd in private capital while ensuring secure, resilient and inclusive connectivity.

EU Ambassador to Nigeria, Gautier Mignot, underscored the strategic importance of digital networks to both Nigeria and the EU, stressing the need for trusted, high-integrity infrastructure built to international standards.

Project BRIDGE aims to deploy 90,000 kilometres of fibre-optic cables nationwide through a Special Purpose Vehicle (SPV) that will be capitalised with sovereign loans and private sector participation. In addition to the EBRD financing, the Federal Government is expected to receive support from the World Bank and the African Development Bank.

The EU’s €22 million package combines technical assistance with investment support to speed up project preparation and strengthen implementation capacity. It will fund low-level design work for about 40,000 kilometres of the planned network, including route mapping, crossing surveys, digital planning, quality assurance and security risk assessments aligned with global best practices.

Officials said this groundwork would provide the SPV with a ready-to-execute blueprint, enabling immediate rollout once financing arrangements are finalised and the vehicle is established with at least 51 per cent private sector ownership.

Beyond infrastructure, the grant is expected to deepen Nigeria’s digital skills base. About 2,000 technicians will receive specialised training, while small subcontractors will gain access to pooled procurement systems and equipment subsidies designed to reduce entry barriers.

Authorities estimate that these measures could lower deployment costs by between 20 and 30 per cent, while promoting adherence to Nigerian and EU quality standards and encouraging participation of European technology suppliers in the fibre supply chain.

The intervention forms part of the EU’s broader Global Gateway strategy, which supports investments in digital infrastructure, public services and human capital development across partner countries.

For Nigeria, the partnership signals renewed international backing for its ambition to build a resilient, open-access broadband network capable of driving economic growth, innovation and digital inclusion nationwide.

European Union Commits €22m to Accelerate Nigeria’s Fibre Network Under BRIDGE Project

Continue Reading

News

Troops repel insurgents, neutralise suspected informant in Borno

Published

on

Troops repel insurgents, neutralise suspected informant in Borno

By: Zagazola Makama

Troops of Operation Hadin Kai have repelled suspected insurgents and neutralised a suspected informant during operations in Ngamdu area of Borno.

Military sources said the action followed signals intelligence indicating that suspected Boko Haram elements were massing.

At about 2:30 a.m. on Feb. 18, troops carried out a fire mission on the identified area, forcing the insurgents to disperse and abort their suspected plan.

Shortly afterward, at about 3:45 a.m., troops engaged and neutralised a suspected insurgent informant who attempted to breach the trench defensive position in Ngamdu.

Sources said the troops immediately conducted a search of the surrounding area after the encounter but made no further contact with fleeing suspects.

Troops repel insurgents, neutralise suspected informant in Borno

Continue Reading

News

Yobe: Troops Disperse Terrorists, Arrest Five Suspected Arms Smugglers

Published

on

Yobe: Troops Disperse Terrorists, Arrest Five Suspected Arms Smugglers

By: Zagazola Makama

Troops of Operation Hadin Kai have disrupted a suspected terrorist gathering and arrested five suspected arms smugglers during separate operations in Yobe State.

Security sources said that at about 6:21 p.m. on Feb. 17, troops conducted a fire mission following credible intelligence that terrorists were converging in large numbers on motorcycles at Mangari, about 10.6 kilometres from the location of the 135 Special Forces Battalion in Buratai.

The swift action forced the insurgents to disperse in disarray, effectively disrupting their suspected plans.

In a separate development, troops of the Forward Operating Base (FOB) Potiskum apprehended five suspected arms smugglers and abductors at about 4:30 a.m. on Feb. 18 at a checkpoint along the Gombe–Potiskum road.

Those arrested included a 41-year-old suspect, Baba Abare, who was found in possession of an AK-47 rifle, alongside four others identified as Idris Zakari, 33; Nasiru Aliyu, 25; Abdullahi Sulaiman, 35; and Mohammed Idris, 34, all said to be indigenes of Potiskum town.

The suspects were intercepted in two Golf Wagon vehicles bearing registration numbers Borno NGL-506XA and Kaduna DKD16-01.

They were disarmed and handed over to appropriate authorities for further investigation.

Yobe: Troops Disperse Terrorists, Arrest Five Suspected Arms Smugglers

Continue Reading

Trending

Verified by MonsterInsights