News
Experts Worry Fuel Hike Could Lead To Malnutrition
Some experts have expressed concern that the hike in the pump price of petrol could lead to malnutrition in the country.
The experts, who said this in an interview with The Tide source yesterday, in Abuja, said the situation could occur due to the increased cost of living for many households.
The source reports that the Nigeria National Petroleum Company Limited Ltd (NNPCL) Retail Management on September 3 approved the upward review of petrol pump price from N568 -N617 per litre to N897 per litre.
A development economist, Mr Mohammad Nazifi noted that low income earners would be worse hit by the new price, because of the likely increase in cost of transportation which would also affect food prices.
Nezifi said that the situation could lead to health challenges such as malnutrition and increased food insecurity in the country.
“The rising cost of food and other essentials can lead to malnutrition or food insecurity, particularly among vulnerable populations. These factors can exacerbate health inequalities and strain public health systems,” he said.
According to him, the increased price can contribute to inflationary pressure on the economy, causing the cost of production to rise.
“The increase in Premium Motor Spirit (PMS) prices contributes to overall inflationary pressure. Nigeria’s inflation rate is already high at 34.19 per cent as of September 2024.
“As transportation and production costs rise due to higher fuel prices, these costs are passed on to consumers, leading to higher prices across board.
“This can create a cycle of rising costs and wages, potentially leading to cost-push inflation, which further erodes purchasing power and can slow economic growth,” he said.
An economic expert, Mr David Ambi, who also spoke said that petroleum prices were a critical determinant of inflation, particularly in economies that heavily rely on petrol for transportation and production.
He maintained that the rising fuel costs typically lead to higher expenses throughout the supply chain, which in turn affects the prices of goods and services, including foodstuff.
“This phenomenon is known as ‘cost-push inflation, higher transportation and production costs lead to more expensive goods, from food to consumer electronics,” he said .
A public analyst, Mr Bulus Dabit, said that the increase in fuel prices could exacerbate poverty by reducing the purchasing power of citizens, particularly low-income households.
“The increase in pump prices may disproportionately affect vulnerable populations such as the poor and marginalised, who may not have the means to absorb the additional costs,” he said.
Dabit said that the decision to increase the prices had been criticised for being driven by external and personal economic interests rather than by scientific economic imperatives.
He said that any decision on such matters should involve consultations with citizens and be predicated on empathy, justice, accountability, patriotism, and nationalism.
Also, Mrs Charity Bello, the Secretary of Small-holder Women Farmers Organisation in Nigeria (SWOFON) in Plateau, said that as long as petrol prices keep increasing, prices of food commodities would not drop.
Bello said that food prices could stabilise if the government addresses insecurity in rural communities where most farming activities occur, in addition to the downward review of the cost of petrol.
The Governor of Rivers State, Sir Siminalayi Fubara, has begun the celebration of Nigeria’s 65th Independence anniversary with a Juma’at service where prayers were offered for the progress of the state and Nigeria.
Governor Fubara, who advocated for peace and unity of Nigeria during the prayers on Friday at the Rivers State Central Mosque, Port Harcourt, indicated that without peace, the accelerated development of Nigeria will remain in a limbo.
Governor Fubara, who was represented by Alhaji Abdurrazaq Diepriye, therefore urged citizens to remain patriotic.
According to him, “Allah has brought us this far. Without peace, we can not have progress and economic development. I call on all citizens irrespective of creed or tribe to remain patriotic.”
He thanked President Bola Tinubu for restoring peace in Rivers State while also using the forum to appreciate security agencies for their relentless effort in upholding the peace and unity of Rivers State and Nigeria.
The Chief Imam of Rivers State Central Mosque, Imam Ibrahim Yaloo, admonished Moslem faithful to always speak the truth, adding that those who obey Allah will be directed to good deeds and their sins forgiven.
Prayers were offered for Rivers State and Nigeria.
Other activities to mark the 65th Independence anniversary in the state include an Inter-denominational Church Thanksgiving Service on Sunday, 28th September and Parade Ceremony on Wednesday, 1st October.
Vice-President Kashim Shettima departed New York on Sunday after representing President Bola Tinubu at the 80th session of the United Nations General Assembly.
In a statement released on Sunday by the VP media aide, Stanley Nkwocha, the Vice President is now headed to Germany, where he will hold strategic meetings with officials of Deutsche Bank.
The statement read, “Vice President Kashim Shettima has departed New York, United States, after successfully representing President Bola Ahmed Tinubu, GCFR, at the 80th Session of the United Nations General Assembly.
“During his participation at UNGA 80, VP Shettima secured UN Secretary-General António Guterres’ commendation for Nigeria’s bid for a permanent UN Security Council seat.
“He also showcased Nigeria’s $200 billion energy transition opportunity to global investors and strengthened strategic partnerships with the UK on trade, defence, and migration issues.”
Nkwocha added that the VP delivered Tinubu’s national statement, calling for UN reforms and a permanent seat for Nigeria at the UN Security Council, and “demanded Africa’s control over its $700 billion mineral wealth, and digital inclusion initiatives.”
“He also engaged with the Gates Foundation on healthcare and education expansion, positioning Nigeria as the natural hub for the African Continental Free Trade Area’s $3.4 trillion market.
“VP Shettima was seen off at John F. Kennedy International Airport, New York, by cabinet Ministers who were part of the UNGA 80 delegation and Nigerian Mission officials.”
The aide noted that Shettima will return to Nigeria immediately after his engagements in Germany.
The Tide source recalls that the VP departed Abuja, yesterday.
He led other Nigerian officials at the Assembly.
As part of Nigeria’s 65th Independence anniversary celebration, the Federal Government held a special thanksgiving service on Sunday at the National Ecumenical Centre in Abuja to offer prayers and give thanks for the nation.
The event drew top government officials and security chiefs, including Senate President Godswill Akpabio and Secretary to the Government of the Federation, George Akume, as well as their spouses.
Other notable guests included Finance Minister and Coordinating Minister of the Economy Wale Edun, former Plateau State Governor, Senator Simon Lalong, and the Chief of Defence Staff, General Christopher Musa, who led the service chiefs in attendance.
Service chiefs present included the Chief of Naval Staff, Vice-Admiral Emmanuel Ogala, Inspector-General of Police Kayode Egbetokun, Comptroller-General of the Nigerian Immigration Service, Mrs Kemi Nandap and Controller-General of the Nigerian Correctional Service, Sylvester Nwakuche, among others.00
The service came days after the government unveiled the official theme and some of the activities slated for the 2025 Independence celebrations.
This year’s anniversary is tagged “Nigeria @ 65: All Hands on Deck for a Greater Nation,” as announced by the Director of Information and Public Relations at the Office of the Secretary to the Government of the Federation, Segun Imohiosen, in a statement on Wednesday.
“As part of activities to mark the 65th Independence Anniversary, the Juma’at Prayer and the Inter-Denominational Church Service will be held on Friday, 26th September at 1 pm and Sunday, 28th September at 10 am respectively, as well as the World Press Conference on Monday, 29th September at 10 am,” he said.
The Tide source had earlier reported that President Bola Tinubu, alongside former Heads of State, Yakubu Gowon, Olusegun Obasanjo and Goodluck Jonathan, is expected as a special guest at a national discourse convened by the Island Club, Lagos, to mark Nigeria’s 65th Independence Anniversary.
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