List Of Major Goods, Items And Services That Have Increased In Price Since Tinubu Became President

Since President Bola Tinubu took office on May 29, 2023, Nigerians have faced significant economic challenges due to a series of reforms.

1. Petrol Price Hike:
– The removal of the petrol subsidy in May 2023 led to a significant increase in petrol prices, from under ₦200 per litre to nearly ₦600, and later to about ₦900 per litre in some areas. This caused inflation across various sectors, including transportation, food, and rent.

2. Electricity Tariff Increase:
– In April 2024, the Nigerian Electricity Regulatory Commission (NERC) raised the tariff for Band A customers from ₦68/kWh to ₦225/kWh, a 240% increase. The government stated this would save the nation approximately ₦1.5 trillion.

3. International Passport Price Increase:
– The cost of a 32-page international passport booklet increased from ₦35,000 to ₦50,000, while the 64-page booklet with 10-year validity went from ₦70,000 to ₦100,000. These changes are effective from September 1, 2024, aimed at maintaining the quality of the Nigerian passport.

4. Cooking Gas Price Increase:
– The price of cooking gas has surged, making it difficult for many Nigerians to afford, leading some to switch to cheaper alternatives like charcoal.

5. Transportation Cost Increase:
– Due to the petrol price hike, transportation costs have risen significantly, affecting both local and long-distance travel. Public transport fares have doubled or tripled, and airfares have also increased.

6. Food Price Increase:
– Food prices have risen sharply due to higher transportation costs and general inflation. Staples like rice, beans, and maize have become more expensive, worsening food insecurity in many households.

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7. Tuition Fee Increase:
– Several public universities have increased their tuition fees, citing higher maintenance costs. This has led to protests in various institutions and broader public demonstrations against the government’s economic policies.