Since the fuel subsidy was removed following its announcement by President Bola Tinubu during his inauguration on May 29, 2023, Nigerians have been embracing a range of tactics and strategies to alter their lifestyles to meet the country's market inflation. President Tinubu, in his inauguration speech, announced the removal of fuel subsidy, saying there was no provision for it and could no longer be justified.
June 28, 2023President Tinubu, in his inauguration speech, announced the removal of fuel subsidy, saying there was no provision for it and could no longer be justified.
The hikes in petrol prices had an immediate impact on products and basic commodities in Nigerian markets – online and physical. For example, commercial drivers across the country raised transport fares, claiming that the withdrawal of the fuel subsidy had automatically resulted in an increase in their operating costs.This situation has forced many Nigerians to adjust their lifestyles to reflect the current socioeconomic conditions of Africa’s most populous country.
While recognising that his motorbike is less expensive to operate, he did not deny that it is less comfortable to ride than his car in the sweltering heat of Sokoto. Ahmadu said due to the nature of his business, his shop is expected to always have electricity without interruption so that he can test gadgets for buyers, and he had relied heavily on his generator due to poor power supply in the market.“The hike in the price of fuel is now a big problem for my business. How much am I making at the shop to be buying fuel at that price?” he queried.
“I park my car at a junction and take a bus or Keke Marwa to get to work. On my way back home, I just get the car and drive back home,” she said.
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