The hike in petrol prices from 897 naira to 1,030 naira per liter is worsening Nigeria’s already dire economic situation.

Experts warn that this increase will push more citizens into poverty, intensifying the current cost of living crisis.

With inflation reaching 33.95 percent, food prices have soared, causing widespread hardship among families relying on fixed incomes.

Many are struggling to afford basic necessities with the price of rice exceeding 100,000 naira per bag.

Citizens and economists are urging the government to implement measures to ease the financial burden on households,

Indeed, some egg and meat consumers have denounced the persistent rise in prices of eggs and various kinds of meat, particularly livestock.

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An economic expert, Dahiru Garba, said the increase in fuel price from N897 per liter to N1,030 per liter would push more Nigerians into poverty.

Garba said the sudden increase in the pump price of petrol by the Nigeria National Petroleum Company Limited (NNPC Ltd.) and traders went beyond a simple adjustment in the price of fuel.

He said this would have a huge impact on Nigeria’s private sector, trade and the already suffering Nigerian masses.

He said without government intervention, the economic and social repercussions of rising prices would be severe and long-lasting, pushing more people into poverty.

“What we will see is an immediately high cost of transportation, which will lead to higher food prices, businesses that will suffer, some may close their doors and inflation will rise.

“In the long term, this could pose challenges for small and medium-sized enterprises (SMEs) and the agricultural sector,” he said.

He urged the Federal Government to recognize these implications and consider measures to reduce their impact.

He suggested targeted incentives for energy efficiency, a halt to wasteful spending and a reduction in governance costs.

“Without such interventions, the economic and social repercussions of this price rise could be severe and long-lasting, pushing more people into poverty,” he said.

Mary Chatta, a retired widow, complains about the high cost of living.

“My children do not work, they still depend on my pension which has not been increased in accordance with the minimum wage law.

“Imagine you buy a bag of rice for over 100,000 naira. We no longer feed each other daily, I’m scared and I don’t know how I’m going to survive,” Chatta said.

She urged the government to examine the country’s economic situation.

“I know the government can do something to make life easier for the masses, but retirees also need to survive. » said Chatta.

Oyiza Malik, a frozen food trader, said rising gasoline prices had increased her transportation costs.

“I struggle to afford basic necessities like food and rent. I’m having trouble balancing my budget

“We expected a lot from this government, but what we see now is the least we expected.

“The situation is even more dire for low-income households who are already struggling to survive on meager incomes,” she said.

A taxi driver, Emeka Uzor, said the price hike had caused him to lose what little savings he had as he was no longer making a profit.

“I’m just going to stop this activity and look for something else to do.

“Passengers complain that the price of transport is too high, but what choice do we have when we buy fuel at 1,250 naira per litre.

“From Banex to Gwarimpa it is now N500 and it used to be N200, from Kubwa to Berger between N1,000 and N1,500 which is not supposed to be the case,” Uzor said.

Some of them, who spoke to the News Agency of Nigeria (NAN) in Abuja on Sunday, said the price hike was affecting consumption, especially that of children who needed protein.

They called on the government to help reduce high prices to meet consumers’ purchasing power.

A consumer, Christiana Agede, said a kilo of cow meat, once sold for between N4,500 and N5,000, now costs between N6,500 and N7,000.

Agede said she rarely patronizes vendors due to her low purchasing power.

She said eggs were her family’s respite from meat, but she had to stop buying them when the price skyrocketed.

“We now buy breast bones as an alternative to meat at my house.

“I prefer it because when you buy at least N1,500 worth of breast bones, they look bigger and are more nutritious.

“My kids don’t like it but I convinced them to still eat it because of its nutritional value,” she said.

Ms Henrietta Daniel, a single mother, said the high cost of eggs had led her to cut them from her children’s food menu.

“Eggs are too expensive and I can’t afford them anymore.

“In fact, most of the time my children eat without any form of protein in their meals. Even though I know it’s not good for their growth and age.

“The federal government should help us find a lasting solution to these price increases,” she said.

Adaeze Asiji, a consumer, said the price of chicken had also skyrocketed.

Asiji said a kilo of chicken once sold for between N3,500 and N4,000 was now sold for between N5,000 and N6,500.

Ms Elizabeth Adodi, another consumer and civil servant, decried the continued increase in meat prices.

She called on the government to extend the same efforts that have contributed to falling food prices to the livestock sector.

Everistus Nnamani, a butcher at Mararaba market, said the increase in prices was due to increased transportation.

Nnamani said a large cow originally sold for N800,000 now costs between N1 million and N1.5 million.

He said an average sized cow, sold for between N400,000 and N500,000, now costs between N600,000 and N700,000.

He said a small cow, which cost between N150,000 and N200,000, now costs N400,000.

He attributed the steady rise in livestock prices to the cost of diesel, petrol and insecurity.

“The constant increase in the price of cows affects my business. Before, I buy six to ten cows, I keep them to slaughter them and I sell them one after the other.

“Now for me, buying a cow is even more difficult because of the price. I spend more money than before on buying one and most of my profit goes towards the purchase.

“Another problem that causes an increase in the price of cows is that of kidnappings. Bandits now prefer to kidnap trailers full of cows and sell them rather than humans,” he said.

Kelechi Odo, a butcher and goat meat trader at Nyanya market, said the exchange rate was the main cause of the rise in goat prices.

He explained that they usually buy their goats from neighboring countries like Niger and Cameroon.

Odo said a small sized goat which initially cost between N15,000 and N18,000 is now sold for between N25,000 and N28,000.

The butcher said a medium-sized goat is now sold for between N27,000 and N28,000, compared to between N20,000 and N22,000 it was sold for.

Odo said a large goat now cost between N32,000 and N35,000 compared to N28,000 previously.

Another butcher, Alhaji Yusuf Ali, a ram dealer at the Kugbo ram market, said the ram was sold for between N50,000 and N150,000 depending on the size.

Meanwhile, Nigerians are appealing to the Federal Government to fulfill its promise to provide Compressed Natural Gas (CNG) buses to ease the country’s transportation woes.

This call comes as commuters denounce the unbearable effects of rising gasoline prices on their daily expenses.

Commuters have expressed frustration over the delay in the implementation of the CNG initiative, which was expected to make transport cheaper and more efficient.

Recall that the Federal Government had committed to introducing CNG buses after removing fuel subsidies to mitigate the effects of rising petrol costs on transport.

However, the recent increase in the price of petrol from N897/litre to N1,030/litre has made the situation worse.

Celestina Andrew lamented: “This feels like a broken promise and we are suffering. We resorted to trekking due to the high cost of transportation.

Commuters like Fatima Isiaka, who rely on public transport, are disappointed by the government’s inaction.

“We are citizens and not slaves in our own country. The government must act quickly to alleviate our suffering,” she said.

Similarly, Tunde Ade, a trader, expressed displeasure over the government’s “inadequate communication” regarding the CNG bus project.

“We are left in the dark and deserve transparency. They should constantly inform us about the status of the buses instead of leaving us to our thoughts.

“We expect better from the government. Soon we will see an increase in inflation due to rising fuel prices.

“We need immediate action from those in power because things are difficult and we cannot afford for them to get worse. »

Chidinma Gabriel, a laboratory technician, said: “I forgot what it feels like to have a full tank in my vehicle.

“Since this fuel saga I don’t remember filling the tank of my car, these days I just fill it up with what little money I can afford.

“I have heard discussions about converting vehicles to CNG, but the cost is unaffordable for ordinary Nigerians,

“I pray that the government will make this conversion process affordable for us, so that we can find relief from this fuel increase,” she added.

An analyst, Dr Chijioke Nwosu, pointed out that CNG buses could significantly reduce operational costs and fares for passengers, while providing a cleaner alternative to conventional fuel-powered vehicles.