National
New PMS pump price will push more Nigerians into poverty – economist
An Economic Expert, Dr Sand Mba-Kalu says the fuel price hike by NNPC Ltd.
from N617 per litre to N897 litre will push more Nigerians into poverty.
The expert said the sudden increase in Premium Motor Spirit (PMS) pump price the Nigerian National Petroleum Company Limited (NNPC Ltd.) was beyond a simple fuel price adjustment.
He said that it would have a far-reaching impact on Nigeria’s private sector, trade and the already suffering Nigerian masses.
Mba-Kalu, the Executive Director, Africa international Trade and Commerce Research said this in an interview with the News Agency of Nigeria (NAN) on Tuesday in Abuja.
while reacting to the development.
NAN reports that NNPC Retail Management has approved upward review of the pump price from N617 per litre to N897 llitre, effective from Sept. 3, amidst economic hardship and persistent fuel scarcity.
Checks by NAN revealed that the NNPC retail stations have adjusted their pumps and totems (price boards), reflecting new PMS price of N897 against N617 per litre while independent marketers are selling between N930 to N1,200.
Mba-Kalu said without government interventions, the economic and social repercussions of this price hike could be severe and long-lasting, pushing more people into poverty.
“What we will witness is the immediate high cost of transport, which will lead to higher costs of food and inflation.
“In the long term, it could pose challenges for small and medium-sized enterprises (SMEs) and the agricultural sector,” the expert said.
He urged the Federal Government to acknowledge these implications and consider measures to reduce the impact, such as targeted incentives for energy efficiency, stopping wasteful spending, and reducing cost of governance.
“Without such interventions, the economic and social repercussions of this price hike could be severe and long-lasting, pushing more people into poverty,” he warned.
Mr Chris Nzeh, a motorist, who condemned the development, describing it as crazy, said what had been going on in Nigeria under the current government would only suffocate Nigerians.
“How do they want the average man to survive?
“We were told that with the removal of fuel subsidy, fuel will be available everywhere in Nigeria, but today, it appears NNPC Ltd. is scamming Nigerians.
“They are the sole importer of petroleum and they have refused to make refinery work and you ask yourself what is going on in Nigeria.
“Nigerians should rise and save this country from collapse,” he said.said.(NAN)
Catholic cardinals have elected Robert Prevost, the first Pope from the United States of America, who has taken the new name Pope Leo XIV after the conclave decided in just four rounds of voting on Thursday.
Italian Cardinal Giuseppe Versaldi said it took cardinals only four rounds of voting to pick a new pope and that white smoke coming out of the Sistine Chapel chimney after a day’s voting is “a clear sign of the unity of the Church. ”
The Pontiff, picked even faster than his predecessor, Francis, appeared on the Vatican balcony amid enthusiastic cheers from thousands of faithful who packed St. Peter’s Basilica on Thursday to witness the historic event.
“May peace be with all of you,” he said from the Vatican balcony after paying tribute to his predecessor, Pope Francis, who gave his life to the service of humanity. He stressed that he wants to deliver his blessing to the people as Pope Francis did in his last appearance in St Peter’s Square.
After concluding his speech, the new Pope started reading a religious passage in Latin, paying homage to the saints and the Madonna. The pope continued with a message of peace and noted, “God loves us all, unconditionally”.
“Humanity needs Christ as a bridge to be reached by God and his love. Help us, and help each other, build bridges.
“Without fear, united hand in hand with God, we are the Disciples of Christ, and the world needs his light.
“Brothers and sisters dearest, this is the first greeting of Christ resurrected. I want to offer a greeting of peace to your families, all of you, wherever you are. May peace be with you,” he said.
Chicago-born Prevost, 69, is seen as a reformer who worked for many years as a missionary in Peru before being made an archbishop there.
The cardinals strongly perceived that the new pope would need to carry forward Pope Francis’s legacy of reaching out to those on the margins and bring along with him a wide spectrum of those within the Church, including those with whom Pope Francis was sometimes at loggerheads.
Observers considered Cardinal Robert Prevost a candidate who could fulfil that role—someone who could be a bridge between different worlds.
The fact that the conclave decided in just four rounds of voting suggests that the cardinals agreed with that assessment.
Robert Prevost will be the 267th occupant of the throne of St Peter. Although he is the first American to fill the role of Pope, he is considered as much a cardinal from Latin America because of the many years he spent as a missionary in Peru before becoming an archbishop there.
Born in Chicago in 1955 to parents of Ecuadorian and French descent, Prevost served as an altar boy and was ordained as a priest in 1982. Although he moved to Peru three years later, he returned regularly to the US to serve as a pastor and a priest in his home city.
He has Peruvian nationality and is fondly remembered as a figure who worked with marginalised communities and helped build bridges. He spent 10 years as a local parish pastor and teacher at a seminary in Trujillo in northwestern Peru.
He is well known to cardinals because of his high-profile role as prefect of the Dicastery for Bishops in Latin America, which has the critical task of selecting and supervising bishops. Francis made him a cardinal less than two years ago.
As Francis appointed 80% of the cardinals who took part in the conclave, it is unsurprising that someone like Prevost was elected, even if he was only recently appointed.
He will be seen as a figure who favoured the continuity of Francis’ reforms in the Catholic Church. Prevost is believed to have shared Francis’ views on migrants, the poor and the environment.
He will be fully aware of the divisions within the Catholic Church, and his Latin American background also represents continuity after a Pope who came from Argentina.
During his time as archbishop in Peru, he did not escape the sexual abuse scandals that have clouded the Church. However, his diocese fervently denied he had been involved in any attempted cover-up.
Before the conclave, Vatican spokesman Matteo Bruni said that during gatherings of the College of Cardinals in the days before the conclave they emphasised the need for a pope with “a prophetic spirit capable of leading a Church that does not close in on itself but knows how to go out and bring light to a world marked by despair”.
Top 10 Things to Know About the New Pope, Robert Francis Prevost
1. First American Pope
Pope Leo XIV, formerly Cardinal Robert Francis Prevost, is the first pope from the United States, born in Chicago, Illinois.
2. Elected as the 267th Pope
He was chosen after a swift two-day conclave, becoming the 267th leader of the Roman Catholic Church.
3. Age and New Namel
At 69 years old, he adopted the papal name Leo XIV upon his election.
4. Deep Missionary Experience in Latin America
Prevost spent over a decade in Peru as a bishop and seminary educator, gaining respect for his pastoral leadership and cultural fluency.
5. Leader of the Augustinian Order
He led the Augustinians globally for over ten years, managing an international religious community.
6. Key Vatican Roles
Before becoming pope, he was Prefect of the Dicastery for Bishops and President of the Pontifical Commission for Latin America—two influential positions in Church governance.
7. Academic and Legal Scholar
He holds degrees in mathematics, theology, and canon law, and has taught canon law in Latin America.
8. Calm, Reform-Oriented Leader
Known for his consensus-building style, Pope Leo XIV is seen as a clear-headed reformer continuing the legacy of Pope Francis.
9. Advocate for Women’s Inclusion
He supports meaningful female participation in Church governance, emphasising their real impact within Vatican bodies.
10. Mission-Driven Papacy
Pope Leo XIV remains committed to missionary work, global outreach, and addressing challenging issues like clerical abuse with humility and resolve.
Catholic cardinals have elected Robert Prevost, the first Pope from the United States of America, who has taken the new name Pope Leo XIV after the conclave decided in just four rounds of voting on Thursday.
Italian Cardinal Giuseppe Versaldi said it took cardinals only four rounds of voting to pick a new pope and that white smoke coming out of the Sistine Chapel chimney after a day’s voting is “a clear sign of the unity of the Church. ”
The Pontiff, picked even faster than his predecessor, Francis, appeared on the Vatican balcony amid enthusiastic cheers from thousands of faithful who packed St. Peter’s Basilica on Thursday to witness the historic event.
“May peace be with all of you,” he said from the Vatican balcony after paying tribute to his predecessor, Pope Francis, who gave his life to the service of humanity. He stressed that he wants to deliver his blessing to the people as Pope Francis did in his last appearance in St Peter’s Square.
After concluding his speech, the new Pope started reading a religious passage in Latin, paying homage to the saints and the Madonna. The pope continued with a message of peace and noted, “God loves us all, unconditionally”.
“Humanity needs Christ as a bridge to be reached by God and his love. Help us, and help each other, build bridges.
“Without fear, united hand in hand with God, we are the Disciples of Christ, and the world needs his light.
“Brothers and sisters dearest, this is the first greeting of Christ resurrected. I want to offer a greeting of peace to your families, all of you, wherever you are. May peace be with you,” he said.
Chicago-born Prevost, 69, is seen as a reformer who worked for many years as a missionary in Peru before being made an archbishop there.
The cardinals strongly perceived that the new pope would need to carry forward Pope Francis’s legacy of reaching out to those on the margins and bring along with him a wide spectrum of those within the Church, including those with whom Pope Francis was sometimes at loggerheads.
Observers considered Cardinal Robert Prevost a candidate who could fulfil that role—someone who could be a bridge between different worlds.
The fact that the conclave decided in just four rounds of voting suggests that the cardinals agreed with that assessment.
Robert Prevost will be the 267th occupant of the throne of St Peter. Although he is the first American to fill the role of Pope, he is considered as much a cardinal from Latin America because of the many years he spent as a missionary in Peru before becoming an archbishop there.
Born in Chicago in 1955 to parents of Ecuadorian and French descent, Prevost served as an altar boy and was ordained as a priest in 1982. Although he moved to Peru three years later, he returned regularly to the US to serve as a pastor and a priest in his home city.
He has Peruvian nationality and is fondly remembered as a figure who worked with marginalised communities and helped build bridges. He spent 10 years as a local parish pastor and teacher at a seminary in Trujillo in northwestern Peru.
He is well known to cardinals because of his high-profile role as prefect of the Dicastery for Bishops in Latin America, which has the critical task of selecting and supervising bishops. Francis made him a cardinal less than two years ago.
As Francis appointed 80% of the cardinals who took part in the conclave, it is unsurprising that someone like Prevost was elected, even if he was only recently appointed.
He will be seen as a figure who favoured the continuity of Francis’ reforms in the Catholic Church. Prevost is believed to have shared Francis’ views on migrants, the poor and the environment.
He will be fully aware of the divisions within the Catholic Church, and his Latin American background also represents continuity after a Pope who came from Argentina.
During his time as archbishop in Peru, he did not escape the sexual abuse scandals that have clouded the Church. However, his diocese fervently denied he had been involved in any attempted cover-up.
Before the conclave, Vatican spokesman Matteo Bruni said that during gatherings of the College of Cardinals in the days before the conclave they emphasised the need for a pope with “a prophetic spirit capable of leading a Church that does not close in on itself but knows how to go out and bring light to a world marked by despair”.
Top 10 Things to Know About the New Pope, Robert Francis Prevost
1. First American Pope
Pope Leo XIV, formerly Cardinal Robert Francis Prevost, is the first pope from the United States, born in Chicago, Illinois.
2. Elected as the 267th Pope
He was chosen after a swift two-day conclave, becoming the 267th leader of the Roman Catholic Church.
3. Age and New Namel
At 69 years old, he adopted the papal name Leo XIV upon his election.
4. Deep Missionary Experience in Latin America
Prevost spent over a decade in Peru as a bishop and seminary educator, gaining respect for his pastoral leadership and cultural fluency.
5. Leader of the Augustinian Order
He led the Augustinians globally for over ten years, managing an international religious community.
6. Key Vatican Roles
Before becoming pope, he was Prefect of the Dicastery for Bishops and President of the Pontifical Commission for Latin America—two influential positions in Church governance.
7. Academic and Legal Scholar
He holds degrees in mathematics, theology, and canon law, and has taught canon law in Latin America.
8. Calm, Reform-Oriented Leader
Known for his consensus-building style, Pope Leo XIV is seen as a clear-headed reformer continuing the legacy of Pope Francis.
9. Advocate for Women’s Inclusion
He supports meaningful female participation in Church governance, emphasising their real impact within Vatican bodies.
10. Mission-Driven Papacy
Pope Leo XIV remains committed to missionary work, global outreach, and addressing challenging issues like clerical abuse with humility and resolve.
The Vatican announced on Thursday that Robert Francis Prevost has been elected as the first pope from the United States. A moderate figure with a strong connection to Pope Francis, Prevost has dedicated years to missionary work in Peru. He will serve as the 267th pontiff of the Catholic Church, adopting the papal name Leo XIV.
— AFP