Since President Bola Tinubu assumed office in May 2023, Nigeria has seen significant increases in the prices of various essential goods and services, affecting the cost of living for millions.

These hikes, attributed by the government to necessary economic reforms, have sparked widespread debate and concern.

While the government argues that these increases are necessary for economic reforms and sustainability, they have undeniably contributed to the rising cost of living.

PUNCH Online highlights a list of major items and services that have seen price hikes during Tinubu’s administration.

1.⁠ ⁠Fuel price surge

One of the most significant and controversial price hikes has been in fuel. Following the removal of the fuel subsidy in May 2023, the price of Premium Motor Spirit, commonly known as petrol, soared. The pump price jumped from around ₦185 per litre to over ₦500 per litre, with reports of prices reaching ₦700 per litre in some areas. This surge has had a ripple effect on transportation costs, food prices, and overall inflation.

2.⁠ ⁠Electricity tariffs increase

Electricity tariffs also saw a sharp rise. The Nigerian Electricity Regulatory Commission approved a tariff increase for Distribution Companies (DisCos), raising the tariff for Band A customers from ₦68/kWh to ₦225/kWh, a staggering 240% increase. According to the government, this move, which took effect in April 2024, aims to save the government ₦1.5 trillion by removing subsidies on electricity for this customer category. However, the hike has significantly added pressure on household expenses.

3.⁠ ⁠Passport fee hike

The Federal Government approved an upward review of passport fees, effective from September 1, 2024. According to a statement by the Nigeria Immigration Service (NIS), the cost of a 32-page passport booklet with five-year validity increased from ₦35,000 to ₦50,000, while the 64-page booklet with ten-year validity rose from ₦70,000 to ₦100,000. The NIS stated that the hike was necessary to maintain the quality and integrity of the Nigerian passport.

4.⁠ ⁠Rising cooking gas prices

Cooking gas prices have continued to climb. As of March 2024, the average cost to refill a 5kg cylinder of Liquefied Petroleum Gas (LPG) increased by 7.10% from February, reaching ₦6,591.62. Year-on-year, this marks a 42.97% increase from ₦4,610.48 in March 2023. The National Bureau of Statistics attributed this rise to various economic factors, including higher import costs.

5.⁠ ⁠Higher transportation costs

Transportation costs have significantly increased, largely driven by the fuel price hike. Public transportation fares in cities like Lagos and Abuja have doubled or even tripled. For example, the average bus fare from Berger to Mowe increased from ₦300 in March 2023 to ₦500 by August 2024. This surge has made commuting and intercity travel considerably more expensive for Nigerians.

6.⁠ ⁠Food price inflation

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.

7.⁠ ⁠Tuition fee increase

Tuition fees in several federal universities have also been hiked. For instance, the University of Lagos raised its tuition fees from around ₦19,000 to ₦190,250 for medical students and ₦140,250 for other courses. This substantial increase, announced in July 2023, has sparked protests among students and concerns over access to affordable education.

Omooba77:
↪ Since President Bola Tinubu assumed office in May 2023, Nigeria has seen significant increases in the prices of various essential goods and services, affecting the cost of living for millions.
These hikes, attributed by the government to necessary economic reforms, have sparked widespread debate and concern.
While the government argues that these increases are necessary for economic reforms and sustainability, they have undeniably contributed to the rising cost of living.
PUNCH Online highlights a list of major items and services that have seen price hikes during Tinubu’s administration.

CyrusVI:
I feel that The FG should give some explanations to why these things are like this

I know its a very big project that looks really promising, but FG should try carry us all along, so that naysayers can be on same page with us

PBAT!!!
Forward Ever

Omooba77:
https://punchng.com/full-list-from-fuel-costs-to-passport-fees-nigerians-struggle-under-the-yoke-of-price-hikes/

pluto04:
fashola-battles-to-justify-lasu-fee-hike

Okay. Not exactly what he said. But that is exactly what he implied. How much is the minimum wage of Lagos state civil servants? He seems to be out of touch and his statements are highly irresponsible!

http://www.vanguardngr.com/2011/12/fashola-battles-to-justify-lasu-fee-hike/

Governor Babatunde Fashola battled hard weekend, to justify the astronomical hike in tuition fees recently introduced in Lagos State University, LASU, by the state government. Recall that the state government had increased tuition fees paid in the university from N25,000 to N250,000 per session.

Fashola, who spoke at Government College, Ughelli’s, annual luncheon party in Lagos, said Nigerians were unconsciously making the country one where there would be separate schools for the rich and poor.

According to him, critics of the increment are indirectly calling for a Nigerian society which will be divided into poor university for the poor and rich university for rich people.


He said: “Countries that do not prioritise education are always at the mercy of those who place a high premium on education.

“Where in the world have we seen tuition fee of university of N25,000? You cannot find this anywhere. Even the nations that are developed and wealthy do not give education for N25,000.

“LASU started very well and over the years, the population grew and beyond the available facilities and the school began to deteriorate. We are determined to rescue LASU and we will not make it a school for the poor.

“We are unconsciously making Nigeria a society where there will be a school for the rich and one for the poor.
“Several people in this country pay so much for education abroad while the schools here continue to deteriorate. It is only in the university that the children of the rich and children of the poor can sit in the same classroom.”

CyrusVI:
I feel that The FG should give some explanations to why these things are like this

I know its a very big project that looks really promising, but FG should try carry us all along, so that naysayers can be on same page with us

PBAT!!!
Forward Ever

Kobojunkieee:
Nigerians disagree with the Punch on this given they have made nearly no efforts to evict the administration, Senators, Representatives, Governors, and LGA councilmen from office in all of this. It almost seems the Nigerian people have not had enough.

CyrusVI:
I feel that The FG should give some explanations to why these things are like this

I know its a very big project that looks really promising, but FG should try carry us all along, so that naysayers can be on same page with us

PBAT!!!
Forward Ever