Since President Bola Tinubu took office in May 2023, Nigeria has seen a surge in prices of essential goods and services, affecting the cost of living for millions.
Despite the government’s argument that these hikes are necessary for economic reforms and sustainability, they have undeniably contributed to the rising cost of living.
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The fuel price has skyrocketed, with reports of prices reaching as high as ₦700 per litre in some areas.
This has had a ripple effect on transportation costs, food prices, and overall inflation. Electricity tariffs have also seen a sharp increase, with some customers experiencing up to a 240% hike.
The cost of obtaining a passport has also increased, with the price of a 32-page passport booklet rising from ₦35,000 to ₦50,000. Cooking gas prices have continued to climb, with a 42.97% increase year-on-year. Transportation costs have significantly increased, with public transportation fares doubling or even tripling in some cases.
Food prices, already on the rise due to inflation and insecurity, have been further exacerbated by the removal of the fuel subsidy. The increased transportation costs have directly impacted the prices of staples such as rice, beans, and maize, placing additional strain on household budgets across the country.
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Tuition fees in several federal universities have also been hiked, sparking protests among students and concerns over access to affordable education.
These price hikes have sparked widespread debate and concern, with many Nigerians struggling to cope with the rising cost of living.
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