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

Zamfara: Troops neutralise terrorist, recover arms in Shinkafi LGA

Published

on

Zamfara: Troops neutralise terrorist, recover arms in Shinkafi LGA

By Zagazola Makama

Troops of the 1 Brigade of the Nigerian Army operating under Operation FANSAN YANMA have neutralised a suspected terrorist and recovered arms during an offensive operation in Shinkafi LGA.

Security sources told Zagazola Makama that the operation was carried out on March 13 by troops of CT 5, who launched a deliberate clearance mission targeting terrorist camps located at Tubali and Zangon Danmaka.

The sources said the operation followed credible intelligence on the presence of armed bandits and other criminal elements using the locations as operational hideouts.

During the operation at Tubali, troops made contact with the suspected terrorists and engaged them in a brief gun battle, forcing the criminals to flee into nearby forested areas.

“During the engagement, one terrorist was neutralised, while others escaped with possible gunshot wounds,” the source said.

Following the encounter, troops conducted exploitation of the area and recovered one AK-47 rifle, a magazine containing two rounds of 7.62mm special ammunition, and a motorcycle believed to belong to the fleeing terrorists.

The recovered items were secured by the troops while further search operations were carried out around the camp to ensure that no other threats remained in the vicinity.

The sources added that when troops advanced to Zangon Danmaka, no contact was made with terrorists as the suspects were believed to have fled the area ahead of the troop arrival.

However, troops maintained dominance in the general area while conducting further patrols and surveillance operations aimed at preventing the terrorists from regrouping.

Zamfara: Troops neutralise terrorist, recover arms in Shinkafi LGA

Continue Reading

News

Troops arrest suspected ISWAP spy in Kanama, Yobe

Published

on

Troops arrest suspected ISWAP spy in Kanama, Yobe

By Zagazola Makama

Troops of 159 Battalion in collaboration with members of the Civilian Joint Task Force have arrested a suspected spy linked to terrorists operating in the North-East in Kanamma Yobe state.

Security sources told Zagazola Makama that the suspect, identified as Malam Fantami, a native of Dikwa was apprehended during a security operation by troops deployed in the area.

The sources said the suspect was intercepted following credible intelligence indicating that he might be working as an informant for terrorists affiliated with the ISWAP.

According to the sources, items recovered from the suspect at the time of his arrest included a mobile phone, a smart watch, prayer beads, a motorcycle key, and a cash sum of ₦7,000.

Preliminary examination of the suspect’s mobile phone by security personnel reportedly revealed several suspicious materials, including photographs of motorcycles, large sums of cash, AK-47 rifles and other items believed to be linked to terrorist activities.

“The discovery of these materials has raised serious suspicion about the suspect’s role as a possible logistics informant or intelligence asset for insurgent elements operating in the region,” the source said.

The suspect is currently in military custody, where he is undergoing further interrogation to determine the extent of his involvement with terrorist networks and to identify possible collaborators.

The military high command said the arrest forms part of ongoing counter-terrorism efforts by troops in the North-East aimed at dismantling the intelligence and logistics networks that support insurgent operations.

Kanama, located in Yunusari Local Government Area of Yobe State near the border with Niger Republic, has remained an important corridor frequently exploited by insurgent groups for movement and supply activities.

Troops arrest suspected ISWAP spy in Kanama, Yobe

Continue Reading

News

Troops repel ISWAP attack in Bita, Borno

Published

on

Troops repel ISWAP attack in Bita, Borno

By: Zagazola Makama

Troops of Operation HADIN KAI successfully repelled an attack by terrorists suspected to be members of ISWAP in Bita area of Borno state following a fierce overnight encounter.

Security sources said the attack began at about 1:09 a.m. on Saturday, when the insurgents launched a coordinated assault on troops of the 26 Task Force Brigade deployed in the Bita axis.

According to the sources, the terrorists attempted to overwhelm the troops’ position but were met with stiff resistance from the soldiers who engaged them in a sustained gun battle.

“In a decisive and coordinated operation, gallant troops of Operation Hadin Kai launched a simultaneous land and air assault on terrorist positions in Bita in the early hours of today,” the source said.

The coordinated response involved ground troops engaging the insurgents while aerial support conducted precision strikes and surveillance over the battlefield, forcing the attackers to retreat.

The intense engagement compelled the terrorists to withdraw towards their enclaves after suffering heavy pressure from the combined land and air assault.

Following the withdrawal of the insurgents, troops immediately commenced exploitation operations to pursue fleeing elements of the terrorist group and prevent them from regrouping.

Troops repel ISWAP attack in Bita, Borno

Continue Reading

Trending

Verified by MonsterInsights