Nigeria daily consumption of Premium Motor Spirit (PMS) also known as petrol has dropped drastically under one year President Bola Tinubu assumed office on May 29, 2023
Data gathered shows that the Nigerian Midstream and Downstream Product Regulatory Authority (NMDPRA) Daily Truck Out Report, showed that consumption as of August 20, 2024, was 4.5 million litres per day. According to NMDPRA, the daily petrol consumption as of May 2023 was 60 million litres per day.
Remarkably, an analysis of the data showed that, of the 36 states in the federation, only 16 received product distribution from the Nigeran National Petroleum Company Limited (NNPCL) during the month in question.
This implied that in August, there was a shortage in the states that did not receive product allocation.
According to a summary of how NNNPCL distributed the products among the 16 states, Niger had the largest allocation—21 trucks, or 940 000 liters each day—followed by Lagos with 12 trucks, or 726 001 liters, and Kaduna with 12 trucks, or 454, 001 liters.
Other states such as Oyo got 12 trucks of 454 litres, Kano 9 trucks, Ondo 6 trucks, Kwara 6 trucks, Edo 4 trucks, and FCT 4 trucks.
The likes of Sokoto state received 4 trucks from the NNPCL, Ogun state got three trucks, Osun three, Gombe one, Benue one, Ekiti one and Kebbi, one truck.
Other states such as Oyo got 12 trucks of 454 litres, Kano 9 trucks, Ondo 6 trucks, Kwara 6 trucks, Edo 4 trucks, and FCT 4 trucks.
The likes of Sokoto state received 4 trucks from the NNPCL, Ogun state got three trucks, Osun three, Gombe one, Benue one, Ekiti one and Kebbi, one truck.
On May 29, 2023, President Tinubu announced the termination of petrol subsidies, which at the time had cost over N12 trillion over ten years.
The president claimed that because paying for petrol subsidies had left the nation deeply in debt, it was no longer feasible. Since then, the price of petrol has soared, from N195 to over N1300 per litre, driving headline inflation to a nearly three-decade high of 34.19 percent in June.
The World Bank’s most recent data shows that 129 million Nigerians are now living in poverty as a result of rising cost of living .
According to the World Bank research, poverty has increased significantly because growth is not keeping up with inflation. According to estimates, the percentage of Nigerians living below the national poverty line16 has increased significantly from 40.1 in 2018 to 16.
The World Bank study stated that poverty has increased significantly since growth is not keeping up with inflation. There has been a significant increase in the percentage of Nigerians living below the national poverty line (16) from 40.1% to 56.0% during 2018.
This huge increase reflects Nigeria’s troubled growth record in part. In 2016, a recession brought on by rising oil prices caused a decline in real GDP per capita, which has not yet returned to its previous level.
The decrease in economic activity was exacerbated by the COVID-19 epidemic. Furthermore, big price rises for practically all items have reduced purchasing power, meaning that growth is not keeping up with inflation.
The World Bank study stated that poverty has increased significantly since growth is not keeping up with inflation. There has been a significant increase in the percentage of Nigerians living below the national poverty line (16) from 40.1% to 56.0% during 2018.
The decrease in economic activity was exacerbated by the COVID-19 epidemic. Also, big price rises for practically all items have reduced purchasing power, meaning that growth is not keeping up with inflation.
