National
Commuters in FCT stranded due to transport fares hike
Many commuters in the Federal Capital Territory (FCT), were on Tuesday stranded at various bus stops due to the sudden increase in transport fares.
Some of the commuters told the News Agency of Nigeria (NAN) that the fares they paid while leaving their houses for work in the morning doubled in the afternoon, leaving them stranded.
The commuters, who expressed frustration at the development, called for immediate government intervention in the interest of poor Nigerians.
Miss Amina Yusuf, a clerk, said: “I paid N1, 000 from my house in Gudu to Garki where I work, only to leave work now and realise the fare was almost doubled.
“I was standing at the Phototech junction with several commuters who did not have enough money to board a vehicle until I saw a colleague who bailed me out.”
Another commuter, Mr Kingsley Okoye, expressed his grievances, noting that the fare hikes had burdened his finances.
Okoye said: “I left the house with very little cash, which I assumed would get me to work, only to realise that the fares had increased.
“Instead of N250 from Apo to Gudu, I was charged N400. I had to look for where to make a withdrawal and get more cash so I would not get stranded at work.
“This situation is not fair at all. The government is not looking at the suffering of Nigerians; they are only concerned with their policies and regulations, which do not favour us.”
Mrs Jennifer Fabian said she used to spend N200 to get from Nyanya to the city centre until the pump price increased to N670 and the fare hiked to N600.
She said that with the sudden increase in fuel prices, the cost of transport increased further to N1, 200, which was very high compared to her income.
Fabians said: “this increase will definitely trickle down to affect virtually everything in the economy, especially the cost of food, which is already high.
“President Bola Tinubu should do something about this because we Nigerians are suffering.
“Since the day Tinubu removed subsidy, the economy has not remained the same. People are already losing their lives due to frustration, and it will worsen unless something is done urgently.”
Similarly, Mr Ahmed Musa, a trader at the Wuse Market, shared his frustration, saying, “I have to take two different buses just to get to the market every morning.
“What used to cost me N300, now costs N600, which is just one way. With how things are going, I might have to consider closing my shop earlier than usual to save on transport costs.
“The timing is terrible because schools are about to resume, and parents are struggling to pay school fees.
“Now we will also worry about how the children will be transported to school and back every day. The government needs to look into this urgently,” Musa said.
Commercial drivers had defended the fare hikes, citing the increased fuel cost as the primary reason.
A driver, Mr Paulinus Eze, said: “we have no choice but to increase our fares because we need to cover our expenses and not run at a loss.
“As we speak, most filling stations are not even selling fuel yet, and the ones that are selling have adjusted their prices.
“NIPCO, where I usually buy fuel, has increased its price from N640 to N945, and I heard AYA Shafa is selling at N880 instead of N700.
“So it is not our fault. We have to increase the price so we can remain in business, as we all have families to take care of,” Eze said.
A financial expert, Mr Gabriel Enokela, said the increased cost of fuel would further strain the economy, which was already grappling with the aftershocks of the removal of fuel subsidies in May 2023.
“This unexpected price hike has sent shockwaves through the transportation sector, with immediate consequences for commuters as transport fares have surged by as much as 50 per cent.
“This increase is expected to cascade through the economy, leading to higher prices for food and essential goods, which will inevitably impact the cost of living for millions of Nigerians.
“With schools set to resume soon, there is widespread concern that the cost of education will soar as institutions struggle to cope with rising operational expenses.
“Families are bracing for an economic squeeze as the cost of necessities spirals out of control,” Enokela said.
He, however, urged swift government intervention, as the country could face a deeper economic crisis, such as increased poverty levels and businesses shutting down due to unsustainable operational costs.
Also, Mr Idehi Fredrick, an economic analyst, said the increase came as a rude shock because the government had been canvassing about stabilising the economy.
“Nigerians are seriously suffering, and this fuel price has an adverse effect on everything in the economy, from food prices to transportation, among other things.
“Interestingly, most of these fuel stations, which have been under lock and key, suddenly now have fuel and have started selling at an increased rate.
“If NNPC had kept its promise and made the Warri and Port Harcourt refineries functional, I am sure the situation would have been different.
“Nigerians are losing hope in this administration. Therefore, as a matter of urgent national importance, the government needs to intervene so that things will not get out of hand,” he said. (NAN) (www.nannews.ng)
President Bola Ahmed Tinubu has officially dissolved the board of the Nigerian National Petroleum Company Limited (NNPCL), which includes the removal of Group Chief Executive Officer (GCEO) Mele Kyari and Chairman Pius Akinyelure, along with all other board members appointed in November 2023.
In an announcement, the President introduced an 11-member restructured board, appointing Engineer Bashir Bayo Ojulari as the new GCEO and Ahmadu Musa Kida as the Non-Executive Chairman. These changes are effective immediately, as stated by Bayo Onanuga, Special Adviser to the President on Information & Strategy.
Emphasizing the need for “enhanced operational efficiency, restored investor confidence, and a more commercially viable NNPC,” President Tinubu exercised his authority under Section 59(2) of the Petroleum Industry Act (PIA) 2021 to implement this significant reorganization.
The newly formed board comprises Adedapo Segun, who continues as Chief Financial Officer (CFO), alongside six non-executive directors representing Nigeria’s geopolitical zones: Bello Rabiu (North West), Yusuf Usman (North East), Babs Omotowa (North Central), Austin Avuru (South-South), David Ige (South West), and Henry Obih (South East). Additionally, Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, and Aminu Said Ahmed, representing the Ministry of Petroleum Resources, will serve on the board.
The President has charged the new board with conducting a strategic review of NNPC-operated and Joint Venture assets to optimize value. This includes increasing crude oil production to 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030, boosting gas production to 8 billion cubic feet daily by 2027 and 10 billion by 2030, and expanding NNPC’s refining capacity to 200,000 bpd by 2027 and 500,000 bpd by 2030. The administration also aims to attract $30 billion in oil investments by 2027 and $60 billion by 2030, building on the $17 billion secured in 2024.
Ahmadu Musa Kida, the new Chairman, is a Borno-born engineer and former Deputy Managing Director of Total Nigeria. He also has a background in basketball, having served as the ex-president of the Nigeria Basketball Federation (NBBF). Bashir Bayo Ojulari, the newly appointed GCEO, hails from Kwara State and was previously the Executive Vice President of Renaissance Africa Energy, where he led a $2.4 billion acquisition of Shell’s Nigerian assets. He brings extensive experience from Elf and Shell, having worked across Europe and the Middle East.
President Tinubu expressed gratitude to the outgoing board for their contributions, particularly their efforts in reviving the Port Harcourt and Warri refineries, which have resumed production after years of dormancy. Analysts view this leadership change as part of Tinubu’s broader reforms in the oil sector, following last year’s removal of fuel subsidies and the promotion of private refinery investments. With the new team established, there are high expectations for enhanced transparency, efficiency, and profitability within Nigeria’s state oil enterprise.
Heineken Lokpobiri, minister of state for petroleum resources, says the federal government plans to commence implementing the drill-or-drop provisions of the Petroleum Industry Act (PIA).
Section 94 of the PIA gives operators a period of three years to begin oil production or relinquish the assets to the federal government.
Speaking during the Cross Industry Group (CIG) meeting held on Tuesday in Florence, Italy, Lokpobiri said it is in the best interest of the country that all inactive wells go to work.
He said the federal government, under the leadership of President Bola Tinubu, has provided every necessary incentive to ensure international oil companies (IOCs) in Nigeria run smoothly and profitably.
“Now, it is imperative for these industry players to match the government’s efforts with increased investment by announcing final investment decisions (FIDs),” he said.
Furthermore, Lokpobiri discussed “the challenges, expectations, and measures to enhance the sector’s contributions towards domestic energy needs and regional expansion across Sub-Saharan Africa”.
He emphasised that while IOCs have highlighted engineering, procurement, and construction (EPC) contractors as a challenge, “EPCs will not come unless they see strong commitments from industry players”.
“The government has done its part to provide the requisite and investment-friendly fiscals, the ball is now in the court of the IOCs and other operators to make strategic investment decisions that will drive increased production and sustainability in the sector,” he said.
“We must also recognise that domestic crude supply is essential to national energy security. The best solution to this challenge lies in increasing production, which will ensure a balance between domestic supply obligations and external commitments.”
The minister further urged industry players to explore collaborative measures, such as shared resources for contiguous assets and the release of underutilised assets to operators ready to invest in production.
The minority caucus in the house of representatives has condemned the killing of 16 Kano-bound hunters in Edo state.
On Thursday, a mob in the Uromi area of Edo killed 16 hunters of northern descent who were travelling from Elele, Rivers state.
The travellers were attacked and lynched after some vigilance group members raised the alarm on suspicion that they were kidnappers.
The Edo state government said 14 suspects arrested in connection with the killing would be transferred to Abuja for further interrogation.
During a visit to some of the families of the victims at Bankure LGA in Kano, Monday Okpebholo, governor of Edo, assured that justice would be served.
In a statement issued on Monday, the minority caucus described the killing of the hunters as “barbaric”.
“We find such brutal killings of innocent Nigerians in any part of the country by lawless mobs very reprehensible, and if allowed to fester without being put in check by responsible organs of the federal government, such actions could threaten the peace and unity of the country,” the statement reads.
The lawmakers asked Nigerians never to resort to jungle attacks on fellow citizens but to always report any concerns to security agencies.
“We are a nation under the rule of laws, and our law enforcement agencies are always available to partner with every Nigerian to assuage their concerns,” the caucus said.
While noting that the incident is “already setting emotions on edge” in parts of the country, the legislators urged President Bola Tinubu to ensure that the security agencies investigate this matter and bring the perpetrators to justice.
“Also, adequate compensation should be paid to the affected families,” the caucus said.
The lawmakers implored Nigerians to remain calm, peaceful, and law-abiding and allow the federal and state governments to investigate the matter and ensure justice is served.
The statement was signed by Kingsley Chinda, minority leader; Ali Isa, minority whip; and Aliyu Madaki, deputy minority leader.