THE EFFECT OF THE REMOVAL OF FUEL SUBSIDY TO NIGERIANS
Food Prices Skyrocket
In the few hours between the announcement and daybreak, food prices have escalated beyond imagination.
TheBrief visited markets in Abuja to evaluate the percentage increase in commodities, and the reasons for the increase.
The price of food stuffs like rice, tomatoes, sweet potatoes have been seen to almost tripple in less than a day.
Sellers blamed the hike on the high cost of transportation they experienced this morning, in getting their goods to their respective selling points.
A trader lamented that a trip which cost her N300 Wednesday morning, now costs N800.
The traders lamented that the increase in transportation cost had led to a definite increase in the cost of their products, while also fearing that patronage would drop, as their customers are not any richer.
There is no telling when or if food prices will drop, as Nigeria has a history of poor price regulation.
Fuel Queues Persist
So far, the fuel queues which have plagued Nigeria in the last couple of months are yet to disappear for good.
A visit to the popular petrol stations in the capital, reveal that the queues are back and may last for the some time yet.
While other stations have manageable number of vehicles waiting to buy petrol, stations belonging to the Nigerian National Petroleum Corporation, NNPC, are worse.
Experts expect this to remain the case for the foreseeable future, as marketers measure up the FG’s resolve on the new policy, and the effects it is expected to have on their businesses.
Inflation figures for May, are also expected to climb closer to 20%, according to analysts.
In January 2012, when then President Goodluck Jonathan announced a removal of subsidy, the nation went into disarray, and protesters under the #OccupyNigeria movement took to the streets, denouncing the government’s decision.
Buhari and major stakeholders in today's government had lent their voice then, against the policy.
In the few hours between the announcement and daybreak, food prices have escalated beyond imagination.
TheBrief visited markets in Abuja to evaluate the percentage increase in commodities, and the reasons for the increase.
The price of food stuffs like rice, tomatoes, sweet potatoes have been seen to almost tripple in less than a day.
Sellers blamed the hike on the high cost of transportation they experienced this morning, in getting their goods to their respective selling points.
A trader lamented that a trip which cost her N300 Wednesday morning, now costs N800.
The traders lamented that the increase in transportation cost had led to a definite increase in the cost of their products, while also fearing that patronage would drop, as their customers are not any richer.
There is no telling when or if food prices will drop, as Nigeria has a history of poor price regulation.
Fuel Queues Persist
So far, the fuel queues which have plagued Nigeria in the last couple of months are yet to disappear for good.
A visit to the popular petrol stations in the capital, reveal that the queues are back and may last for the some time yet.
While other stations have manageable number of vehicles waiting to buy petrol, stations belonging to the Nigerian National Petroleum Corporation, NNPC, are worse.
Experts expect this to remain the case for the foreseeable future, as marketers measure up the FG’s resolve on the new policy, and the effects it is expected to have on their businesses.
Inflation figures for May, are also expected to climb closer to 20%, according to analysts.
In January 2012, when then President Goodluck Jonathan announced a removal of subsidy, the nation went into disarray, and protesters under the #OccupyNigeria movement took to the streets, denouncing the government’s decision.
Buhari and major stakeholders in today's government had lent their voice then, against the policy.
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