The Peoples Democratic Party (PDP) on Tuesday said the 64th Independent Day Speech of President Bola Tinubu further confirmed the “insensitivity of his administration towards the plight and demands by Nigerians”.

In a statement, PDP spokesman Debo Ologunagba said the President’s speech showed no hope in sight under the “clueless, insensitive and unresponsive APC-led government”.

“Nigerians are appalled that the President’s speech was a complete waste of time as it did not address issues or proffer any solution to the myriads of economic and security problems created by the APC government, for which Nigerians are hurting,” he said.

The opposition party said the presidential speech failed to respond to the cries of millions of Nigerians, adding that Tinubu did not review the “life-suffocating policies of his government”.

“It is indeed shocking that Mr. President’s speech practically trivialized the very grave issues of pervasive economic hardship, unemployment, acute poverty, widespread hunger and starvation in our country- for which Nigerians took to the streets in August this year- by claiming that about 10% of Nigerians have been plunged into hunger when confirmed reports show that over 100 million Nigerians can no longer afford their daily meals and other basic necessities of life under the APC watch.

“Equally appalling is Mr. President’s irreconcilable assurances of micro-economic improvement, lower cost of living and food sufficiency, when in reality his administration has failed to lower the price of fuel; the key driver of our nation’s economy, failed to inject resources into the productive sector to boost employment, stem the slide of the Naira and made no tangible investment in food production in any part of the country.

“The failure by Mr. President to listen to Nigeria to reduce the price of fuel, create employment and lift the value of the Naira by ending the profligacy in his government and direct resources to jumpstart our ailing productive sector shows that the APC administration is completely disconnected with Nigerians especially the youths.

“Moreover, from the speech, it is clear that the APC-led administration is determined to stifle our nation’s democracy; the very fundamental of any independent nation as it is loudly silent on the erosion of credible election and constant attacks on constitutionally guaranteed rights of citizens in our country under its watch,” the statement read.

Nigerian media personality, Oladotun Ojuolape Kayode, also known as Do2tun, has weighed in on the continuous rift between Nigerian singers, Davido and Wizkid.

Drama started on Tuesday after Davido announced his first single of 2024, revealing that the track would be a hit.

However, Wizkid, on his X page, wrote: “P***y boys dropping mid again, una don tire! Make una go rest small!”

Although the ‘Ojuelegba’ hitmaker did not mention Davido’s name, fans interpreted the tweet as a direct shot at Davido.

A fan of Davido, however, fired back at Wizkid, accusing him of using the ‘Assurance’ crooner to chase clout.

The user wrote: “So if you no beef @davido your song won’t sell??”

Responding, Wizkid said: “I don’t beef wack niggas! We all know he’s wack! No talent!

In a post via X, Do2dtun stated that both Wizkid and Davido are churning out good music, and it is needless fighting on their behalf for no reason.

When a follower referenced the beef between fuji singers, Pasuma and Osupa, Do2dtun described Davido and Wizkid’s beef as the longest rivalry in the history of Nigerian entertainment.

The video jockey also expressed how tired he and others are over the continuous beef between Davido and Wizkid.

He wrote, “Give or take, we are all going to wake up to good music. Trust me, even if they both drop, everyone still wins. We are all just going to fight on their behalf for no reason, still going to dance to it and they bank it. No losses. I just wish this can end one day. This is the longest rivalry in the history of Nigerian entertainment.”

Super Eagles caretaker coach, Augustine Eguavoen believes the team can still make it to the 2026 FIFA World Cup despite their poor run in the qualifiers.

The three-time African champions are second from bottom in their group with three points from four games.

Rwanda, South Africa and Benin Republic are joint leaders in the group with seven points from the same number of matches.

Eguavoen believed the Super Eagles can still turn their faltering qualifying campaign around.

The 58-year-old however said the players must have a strong mentality to achieve the objective.

“It has to be with positive thinking (for Nigeria to qualify for the World Cup),” Eguavoen told Brila FM.

“We have to approach every game like a cup final and we have a big chance once we keep winning these remaining games even if it were by 1-0.”

The Crude Oil Refinery Owners Association of Nigeria says the Naira-for-crude deal is currently restricted to Dangote Refinery due to the quantity of crude oil available at the disposal of the Nigerian National Petroleum Company Limited and the Nigerian Government. The Spokesperson of CORAN, Eche Idoko disclosed this in an interview with DAILY POST.

His comment comes as the Federal Government announced the commencement of the Naira-for-crude sale deal to Dangote Refinery on Tuesday. Idoko explained that Dangote Refinery is the only petroleum products refiner in Nigeria producing Premium Motor Spirit which is why the plant is the beneficiary of the Naira-for-crude sell deal.

“The reason is simple, they said because of the quantity of crude oil the government has at its disposal, they will want to start with the only refinery producing PMS and in this case, the only CORAN member is Dangote Refinery.

“So the Naira for crude sale deal is between the government and Dangote Refinery,” he said. Recall that Zacch Adedeji, who doubles as the Chairman of Federal Inland Revenue Service and the Technical Sub-Committee on Naira-for-crude sale confirmed the commencement of the deal on October 1 through the Nigerian National Petroleum Company Limited. However, the spokesperson of Dangote Group and the NNPCL, Anthony Chiejina and Olufemi Soneye, respectively, have yet to confirm the kick-off of the Naira-for-crude deal as of the time of filing the report.

Dangote Refinery had blamed its current cost of petrol crude on importation. The company hinted that the price of its petrol is expected to drop upon the commencement of the Naira-for-crude deal. Dangote Refinery was responding to NNPCL’s statement that it bought Dangote Petrol at N898 per liter upon lifting on September 15, 2024.

Thereafter, NNPCL announced fresh petrol price hike across its retail outlets to between N950 and N1,100 per litre from about N617.

However, the Petroleum Marketers and refiners had expressed optimism that the Naira-for-crude deal between the Nigerian Federal Government and the Dangote Refinery would lead to a reduction in fuel pump prices.

Nigerian Grammy-award-winning singer, Ayo Balogun, professionally known as Wizkid, has resumed his long-standing rift with his colleague, David Adeleke, better known as Davido, sparking a heated exchange with fans on social media.

Drama started on Tuesday after Davido announced his first single of 2024, revealing that the track will be a hit.

However, Wizkid, on his X page, wrote: “P***y boys dropping mid again, una don tire! Make una go rest small!”

Although the ‘Ojuelegba’ hitmaker did not mention Davido’s name, fans interpreted the tweet as a direct shot at Davido.

A fan of Davido, however, fired back at Wizkid, accusing him of using the ‘Assurance’ crooner to chase clout.

The user wrote: “So if you no beef @davido your song won’t sell??”

Responding, Wizkid said: “I don’t beef wack niggas! We all know he’s wack! No talent!

Wizkid’s response and follow-up tweets implied his messages were aimed towards Davido.

The singer further dismissed Davido’s extensive records archives, describing them as “trash,” arguing that his catalogue boasts superior songs.

He added, “80 trash ! We got 80 albums for any song y’all drop! P***y boys!”

Former Education Minister, Oby Ezekwesili, has prayed that God will grant Nigerians a second independence from domestic colonialists.

Ezekwesili said the domestic colonialists have chosen to subvert the public office for their selfish interest rather than govern for the common good of Nigerians.

The former minister made the remark to celebrate Nigeria’s 64th independence anniversary.

Posting on X, Ezekwesili wrote: “Nothing and I mean nothing, can ever take away the deeper joy of love of country and people that one feels as the plane safely touches down at home after travels abroad.

“No matter how the conditions of our country, Nigeria, break our hearts, I often take solace in the scripture- “Hope Maketh Not Ashamed”. Hope is inexhaustible as I often encourage myself to say.

“As we arrived home on this 64th Independence Day, my hopeful heart prayed: “Lord support your people’s efforts for a Second Independence – this time from their domestic colonialists who instead of governing for our Common Good have serially chosen to subvert public office for selfish personal interest.

“May our Lord, The Good-Good Father strengthen our hearts, my fellow citizens, this Independence Day.”

Political economist, Pat Utomi, has condemned the high poverty level in Nigeria, describing it as shameful.

He pointed out that Nigeria has more poor people than India, despite the latter having a population seven times larger.

Utomi shared his grievances at The New Tribe’ during a Global Village Square Town Hall meeting in Victoria Island, Lagos.

Utomi stated, “This country of great potential, as we celebrate 64 years of independence, is still crawling. It has become the place of domicile for the poorest people on the planet. The Brookings study a few years ago showed how, in absolute numbers, there are more poor people in Nigeria than in India. That should make anybody feel ashamed. How? Explain to me how the richest can become the poorest.”

He highlighted the deterioration of values in Nigeria, attributing it to the country’s ongoing issues.

He emphasised the need for citizens to engage with the problems facing Nigeria and work towards solutions.

“Fundamentally, progress is dependent on culture, on your values. And if you look at Nigeria, the one clear thing is the collapse of culture. The values have gone south. I mean, people don’t have a sense of shame anymore. Our political class is an embarrassment,” he remarked.

Utomi also pointed out the failing institutions in Nigeria, particularly in the justice sector, which he believes deter investors from coming to the country.

He noted, “The Nigerian judiciary is considered a joke around the world. Nobody takes it seriously. Investors don’t come to Nigeria because they say to you, ‘If I have a dispute with a partner in Nigeria, going to court is a waste of time. Complete waste of time.’ And so they go to a country where the returns can be less, but where at least they know some justice can be obtained from the courts.”

Senior Special Assistant to President Bola Ahmed Tinubu on Public Affairs, Aliyu Audu has said that the President did not speak on Premium Motor Spirit (petrol) because of his commitment to the deregulation of the oil and gas sector.

Audu disclosed this during a Channels Television interview monitored by DAILY POST on Wednesday.

According to him, Tinubu has remained resolute in providing viable alternatives to petrol, such as Compressed Natural Gas.

He stressed that despite the Naira-for-crude sale deal with Dangote Refinery, the price of petrol will not come down a whole lot.

“It shows commitment on the part of Mr President Tinubu in terms of deregulating the Petroleum sector.

“He did mention alternatives that could give succor to our economy, especially when it comes to the cost of living, food and the Compressed Natural Gas Initiative.

“It doesn’t look like even with the Naira-for-crude scheme the price of Petrol will come down a whole lot.

“Even though that is what Nigerians want to hear, the reality is that we have to seek opportunities to power our vehicles. That is why the government is keen on the CNG initiative,” he said.

Recall that Tinubu addressed Nigerians on the occasion of Nigeria’s 64th Independence Day Anniversary.

Tinubu begged Nigerians to be patient while measures are being in place to address the country’s economic hardship.

His remarks come as Nigerians grapple with economic hardship.

Currently, Nigerians buy petrol between N950 and N1,300 depending on the location across the country.

The prices of goods and services have also hit the rooftop, with headline and food inflation standing at 32.15 and 37.52 percent in August 2024.

Niger State Emergency Management Agency (NSEMA) has confirmed a report that a boat conveying no fewer than 300 passengers capsized on River Niger upstream, Jebba Dam, at Gbajibo community in Mokwa Local Government Area.

It stated that so far about 150 travellers have been rescued, while efforts are on to rescue the remaining persons.

The incident occurred last night, October 1, 2024, about 8:30 pm.

The agency in a statement signed by its Director General, Abdullahi Baba Arah said the boat was sailing from Mundi community with a population of almost 300 passengers.

He explained that the travellers were mostly women and children for the Maulid celebration at Gbajibo.

The DG disclosed that currently, NSEMA is directing and monitoring search and rescue operations in collaboration with the State Ministry of Transport, Mokwa Local Government Emergency Committee, brave local divers, and other community volunteers.

“However, thanks to the prompt response from the community volunteers; over 150 persons have been rescued alive so far.

“The search and rescue operation is still ongoing to locate more survivors, and the general public will be provided with the update,” the agency added.

The surge in petrol prices in Nigeria, rising from N187 per litre when President Bola Tinubu took office last year to N1,000 per litre, reflects a complex blend of both domestic and international economic factors. The reasons why petrol prices are unlikely to decline soon, as outlined in the analysis below, offer a significant understanding of the issue.

Key Reasons Why Petrol Prices Will Remain High:

1. Dollar Denominated Crude Sales and Depreciating Naira

The sale of crude oil, the primary feedstock for refineries, is priced in U.S. dollars. While the federal government has proposed selling crude to local refineries in the local currency, Naira, starting from October 2024, the pricing benchmark will still remain in U.S. dollars. This implies that even when sold in Naira, the exchange rate between the Naira and the dollar will determine the actual cost.

With the Naira's rapid depreciation—now at around N1,700 to $1—and no clear signs of recovery, the cost of crude oil in local currency terms will continue to rise. The weakening currency effectively means higher costs for refined petrol. This exchange rate pressure, driven by a lack of robust foreign reserves, weak investor confidence, and structural imbalances in Nigeria’s economy, ensures that petrol prices will remain high, or potentially rise further.

2. Global Oil Price Dynamics

International crude oil prices are sensitive to geopolitical tensions, such as the current conflicts in the Middle East, and changes in global demand. Historically, tensions in oil-producing regions drive prices upward, and the Middle East remains a major player in global oil supply. With no immediate resolution to these conflicts in sight, oil prices are expected to continue climbing. The combination of high international oil prices and a depreciating Naira will exacerbate the situation, making it difficult for Nigeria to reduce petrol prices.

3. Government's Economic Policy and Subsidy Removal

The Tinubu administration has taken a clear stance against subsidies on petrol, aligning with the IMF and World Bank’s advocacy for market-based pricing mechanisms. The government’s removal of subsidies has led to a significant price increase. As the government remains committed to the Bretton Woods Institutions’ policies, the chances of reintroducing subsidies are slim, further cementing the reality of sustained high petrol prices.

4. High Electricity Costs and Alternative Energy Challenges

The high cost of electricity in Nigeria forces many households, small businesses, and even industries to rely on petrol-powered generators. With no affordable and reliable alternatives, demand for petrol remains robust. The slow adoption of Compressed Natural Gas (CNG) as an alternative for vehicles, coupled with the prohibitive cost of electric vehicles (EVs), ensures that petrol remains the primary energy source for both mobility and power generation. Until there is significant investment in and adoption of alternative energy sources, demand for petrol will remain high, further pushing prices up.

5. Refinery Challenges and Import Dependency

Nigeria’s refineries have been largely non-operational, and despite ongoing efforts to rehabilitate them, the timeline for local refining to meet domestic demand remains uncertain. Until local refining capacity is significantly expanded, Nigeria will remain dependent on imported refined products, which are subject to the volatility of international oil markets and exchange rates. Even the much-hyped Dangote Refinery may take time to stabilize its output to meet domestic demand. This heavy reliance on imports leaves Nigeria vulnerable to global price fluctuations, ensuring that petrol prices will remain high.

6. Inflationary Pressures

The general inflation rate in Nigeria, currently at historic highs, also feeds into higher petrol prices. Rising costs across sectors, from logistics to labour, affect the entire supply chain of petrol distribution. Inflation erodes purchasing power and adds to the cost of production, making it more expensive for importers and distributors to bring fuel to the market.

7. Limited Policy Interventions

There is a clear lack of effective policy interventions to manage the growing energy crisis. While the government has made promises to boost local refining capacity and encourage alternative energy sources, the implementation of these policies is slow. Without significant regulatory or infrastructural changes, the systemic issues driving petrol price increases will persist. Moreover, the financial constraints faced by the government limit its ability to intervene meaningfully in the short term.

Implications for the Nigerian Economy and Living Standards

1. Increased Cost of Living

Rising petrol prices have direct and far-reaching impacts on the cost of living. Transportation costs, which are a significant component of everyday expenses for many Nigerians, are closely tied to fuel prices. With the rise in petrol prices, transportation fares have surged, affecting not only individuals but also the cost of goods and services. The increase in logistics costs means higher prices for food, consumer goods, and essential services, contributing to overall inflation and reducing disposable incomes.

2. Stagflation Concerns

The combination of high inflation and stagnating economic growth—referred to as stagflation—is a serious concern. As petrol prices rise, so too does inflation, while economic growth remains tepid due to structural issues such as poor infrastructure, high unemployment, and weak industrial output. This could lead to a scenario where economic activity slows while prices continue to rise, creating a difficult environment for businesses and households.

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