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Subsidy Removal: FCT Residents Want Govt to Increase Purchasing Power of Workers

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As the removal of fuel subsidy continues to negatively impact Nigerians, residents of the Federal Capital Territory (FCT) say there is a need for government to increase their purchasing power.

The residents said this in an interview in Abuja on Sunday.

Some residents said most of their income was spent on buying fuel, leaving them with very little to meet other needs.

NAN reports that President Bola Tinubu announced the removal of fuel subsidy on May 29 while delivering his inaugural speech.

After the president made the announcement, the price of petrol shot up from N195 per litre and currently sells for between N637 and N660.

The recent Petrol Price Watch for October 2023 released by the National Bureau of Statistics (NBS) said the average retail price of a litre of petrol increased from N195.

29 in October 2022 to N630.63 in October 2023.

The NBS said the October 2023 price of N630.63 represented a 222.92 per cent increase over the price of N195.29 recorded in October 2022.

The increase in the price of petrol has caused a hike in the prices of food items, transportation, and goods and services across the country.

Joanna Madu, a public servant said the removal of subsidy was consuming most of her salary which had become insufficient, describing the situation as unsustainable.

“It has not been easy with the removal of fuel subsidy. Before the removal, N5, 000 fuel could last me for three days but now that N5, 000 is like buying N1,000 fuel.

“So for two days, I need to buy N12,000 fuel. By the time I come from Karu to town, and do some moving around, I need to buy fuel the next day. This is not sustainable.

“It is not like the salary of government workers has increased. Fuel subsidy has made it so that my salary is not enough for me, and fuel is consuming almost all my salary.

“The government needs to do something. Nigerians are really suffering, everywhere you go people are complaining and it has affected the price of everything,” she said.

Tinuke Afolabi, a civil servant said the removal of fuel subsidy had made it impossible for her to save and afford some of her needs

Afolabi said the government needed to increase the salaries of workers as a way to alleviate the impact of the fuel subsidy removal.

“I earn N140,000 monthly and I use almost N80,000 to buy fuel in a month. What is left for me to save after buying food which is on the increase every day, and paying for light, water, and other bills.

“I am surviving by the grace of God. One cannot even live a good life anymore because the quality of the lives of Nigerians is deteriorating.

“People cannot afford to buy good food. This festive season will be dry for many Nigerians,” she said

Mr Emma Attah, a public servant, said the removal of fuel subsidy was having a psychological impact on relationships.

Attah said that the government needed to increase the purchasing power of Nigerians by indexing the salaries of workers, that is increasing their salaries.

“People are so frustrated that they have to pay double for commercial transport that they are not even considering the driver who needs to buy the fuel at such a high rate.

“Imagine a family of five, like mine, I have water, electricity, and health bills; there are school fees, house rent, and most importantly feeding costs. How does one cope after spending almost all the income on just fuel?

“In other countries of the world, when prices increase, the government indexes the salaries of workers, that is, increases the salaries of workers.

” In Nigeria where there is serious inflation, the government is supposed to increase the salaries of workers to align with the present reality caused by subsidy removal.

He said the government needed to be sensitive to the plight of citizens and ensure the welfare of Nigerians.

“It is not about palliatives, after using palliatives for a few days, what happens next?

“Government should increase the purchasing power and index the salaries of Nigerians so our quality of life does not continue to nose dive,” he said.

Ngozi  John, a trader, who said the removal of fuel subsidy had affected the prices of food items, added that many of her customers could not afford to buy in large quantities.

“Before, some of my customers would buy in baskets, or mudus now they say they cannot afford it. So they buy a half basket, half mudu while some buy in very little quantity.

“I thought with the festive season, sales would be better but it is not so. My customers are complaining that there is no money. The whole thing is affecting all of us, she said. ”

Francis Chukwuma said the removal of the subsidy had affected his business and made him adjust his budget on other items.

“The removal of the fuel subsidy made me adjust a lot of things so that I can fuel my car, any budget I am doing is fuel that is the priority.

“It is affecting me but I cannot do without fuel. I need my car to move around because of the nature of my work and to fuel my generator in the office because of the poor power situation in my area.

“The little profit I make I use most of it for fuel, so I have little to take home to my family for other expenses. We know the prices of everything have gone up, especially food which is on a steady increase.

“This situation with the subsidy cannot be sustained, Nigerians are barely surviving, the government should put things in place, like cheaper transport, and ensure there is power for businesses to operate.

“Imagine people paying so much to transport themselves to work and when they get to work, no light to work, no money to buy fuel, It is disheartening, ” he said.

Nancy Benjamin, a retired civil servant, said retirees have been suffering for a long time and the removal of fuel subsidy had only worsened their plight.

Benjamin said many retirees could not afford to treat themselves when they had health issues leading to the death of many of them

She called on the government to be more sympathetic to retirees plight having served the country for years.

“In developed countries, the welfare of the retired and elderly are taken care of. Why can’t the government look into our welfare? The government can give us subsidised health care and free transportation.

“These are things that can help us so we can channel our pension to things like feeding, as the cost of food items also is on the increase. Many retirees still have children in school too,” she said. (NAN)

Economy

Naira Ends Week Stronger Against Dollar, Gaining N11.17 

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The Naira further appreciated in the official market on Friday, trading at N1,474.

78 to the Dollar.

Data from the FMDQ Securities Exchange official forex trading platform revealed that the Naira gained N11.17.

This represents a 0.7 per cent increase compared to the previous day’s trading figure on Thursday, when the local currency closed at N1,485.

95 to the Dollar.

Trading in the Investors and Exporters (I&E) Forex window on Friday saw a high of N1,495.

01 and a low of N1,447.50.

The Naira has remained stable against the US Dollar since December 2024, supported by sustained reforms from the Central Bank of Nigeria (CBN).

The reforms aimed at ensuring transparency in the foreign exchange (FX) market.

CBN Governor Olayemi Cardoso, speaking in Abuja on Thursday at the 2025 Monetary Policy Forum, stated that recent reforms in the FX segment had continued to attract foreign investments.

Cardoso reassured that the apex bank would sustain efforts to ensure continued inflows. (NAN)

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Economy

CBN Approves Listing of CFA on NXP forms for Export Repatriation Proceed

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The Nigeria Export Promotion Council (NEPC) says that Central Bank of Nigeria (CBN) has approved CFA Franc to be captured on Nigeria Export Proceed (NXP) forms for the repatriation of export proceeds.

Mrs Nonye Ayeni, Executive Director of the NEPC, disclosed this while addressing newsmen on the Non-Oil Export Performance for the year 2024, in Abuja on Friday.

Ayeni said that the council had engaged the CBN on the inclusion of the CFA Franc, adding that it was a dominant currency in cross border trading.

She said that the currency was one of the currencies to be received as export proceeds by the bankers.

“I am delighted to inform you that the CBN has magnanimously approved CFA to be captured on NXP forms for the repatriation of export proceeds.

“We will be working with CBN and the banks to ensure full implementation.

“I must say that this is a remarkable breakthrough for the council and further reaffirms the impact of the council’s current flagship programme,” she said.

Ayeni said that the council distributed hybrid seedlings and farm inputs to over 1,200 farmers across the country.

She added that the council has also distributed sesame, Hibiscus and farm input in the north, cashew in the west and palm seedlings in the east.

She said that the effort was to enhance the capacity of farmers, and processors and increasing production capacity of the farmers.

The executive director said that the NEPC, under the “Go Global, Go for Certification” campaign, was determined to enhance the quality of Made-in-Nigeria products.

According to her, the council commenced the certification of 400 Small and Mediumsized Enterprise (SME) exporters.

“I am delighted to inform you that we have concluded on some and the balance are currently undergoing the certification process.

“At the end of the exercise, a total of 855 SMEs will have benefited from the scheme between the year 2022 to year 2025.

She said that the scheme aimed to enable the SMEs to acquire international certification to access niche markets.

Ayeni also noted that through the council’s regional and state offices initiated the process of mainstreaming informal border trade.

She said that the effort would increase foreign exchange earnings and help to capture export data for the country.

“Interactive sessions were held with several trade associations operating within some borders”.

According to her, at the end of the exercise, no fewer than 1,116 operators in the informal sector were trained in formalising export trade.

“We will build on this,” she assured. (NAN)

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Economy

Ecobank Promotes Savings Culture, Rewards N42m to Customers

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Ecobank Nigeria has reaffirmed its commitment to financial inclusion and savings culture by awarding N42 million to its customers.

Ms Adeola Ogunyemi, Head of Consumer Banking, Ecobank Nigeria, made this known at the grand finale of the bank’s Super Rewards ‘Millionaire Geng Promo’ on Friday in Lagos.

She said that the initiative is part of bank’s strategy to deepen financial inclusion for all classes of Nigerians and to reward customers’ loyalty.

“It is not just about winning cash prizes; it is about financial security and long-term stability,” Ogunyemi said.

Ogunyemi also noted the increasing awareness of savings amid economic challenges.

“With the fluctuating value of the Naira, we have encouraged our customers to save consistently, whether in Naira or foreign currency.

“This has led to a steady rise in deposits across the banking sector,” she said.

Ogunyemi advised Nigerians, especially the bank’s customers to ensure financial discipline.

“Many people don’t realise the importance of saving until they face emergencies. No matter how much you earn, it will never be enough if you don’t discipline yourself.

“This initiative is about showing our customers that every amount saved adds up over time,” she said.

Ogunyemi spoke further on the broader economic impact of savings, noting that it fuels long-term investments.

“A country’s economic growth is influenced by how much its citizens save. Over the last six months, we have seen tremendous growth in savings, with customers becoming more conscious of the need to save.

“Month after month, deposits have increased, which is very encouraging,” she added.

She further emphasised that savings, beyond just winning rewards, provide financial security.

Ogunyemi also addressed the evolving savings culture in Nigeria, particularly amid economic challenges.

“With the impact of foreign currency devaluation, we’ve advised customers to save in both Naira and foreign currencies.

“Across the banking industry and within Ecobank, savings deposits have consistently grown.

“We have been actively educating customers through awareness programmes, newsletters, and campaigns like Super Savers and Millionaire Geng,” she said.

She emphasised the transparency of the programme, highlighting that all draws were conducted under regulatory supervision and broadcast live.

Also, Mr Victor Yalokwu, Head of Consumer Segments and Products of the bank, emphasised the importance of consistent saving habits, highlighting how it played a crucial role in determining winners.

“It is important to note that what gave them the opportunity to win was their commitment to saving.

“We set clear criteria: customers needed to save for at least 30 days to qualify for the monthly draw, 90 days for the quarterly draw, and six months for the grand finale.

“The individuals who won two million Naira each did so because they saved consistently for six months,” Yalokwu noted.

He further encouraged customers to develop a culture of disciplined savings, noting that beyond the rewards, financial security and stability were key benefits of the habit.

“I advise our winners to spend wisely and continue saving. The goal is to build financial resilience while enjoying the benefits of the promo,” he added.

Under the reward initiative, the bank customers won a total of N42 million at the end of the grand finale.

A total of 520 customers won N50,000 monthly for six months while 16 won N500,000, quarterly, in September and December.

Similarly,  four customers; Akpofabe Akeman, Odo Chinedu, Saibu Sakiru and Eyo Ekpenyong won two million Naira each from FCT & North, Lagos, Mid-West/ South-West and South-South/ South-East, respectively. (NAN)

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