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Finance & Business

Fuel Hike: Price Hike’ll Transfer N5trn from Nigerians to Govt, Worsen Energy Poverty –Rewane

He also projected that the recent hike of petrol price would astronomically increase the number of Nigerian citizens trapped in energy poverty from 161 million in 2023 to 168 million in 2025 if the current price hike is not reversed.

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Chief Executive Officer of Financial Derivatives Company Limited (FDC) and economist, Mr. Bismarck Rewane, has projected that the official recent hike in the pump price of petrol by 50.1 per cent, from N568 to N855 per litre, would take N5 trillion from Nigerian consumers to the government and heighten energy poverty.

He also projected that the recent hike of petrol price would astronomically increase the number of Nigerian citizens trapped in energy poverty from 161 million in 2023 to 168 million in 2025 if the current price hike is not reversed.

Mr. Rewane said that the price hike may strengthen the exchange rate of the naira, as liquidity decreased, but it “may instigate social unrest as citizens react in frustration.”

His latest projections were made last week in his monthly presentation at the Lagos Business School (LBS) Breakfast, titled, “All That Glitters are Not Gold.”

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The Economist said that the as the Dangote refinery begins production of petrol it will offer relief to consumers by addressing the supply challenges, but price of petrol in Nigeria will be determined by the global price of crude oil.

In his words, “The macroeconomic and welfare impact of the new price of petrol, now adjusted to N855 per litre from N568 per litre, implies that N5 trillion is withdrawn from consumers and transferred to government,” he said.

He pointed out that this can lead to re-inflation in September as logistics cost escalates and consumer demand suffers a decline due to income squeeze, while “energy poverty could quicken to 76.3 per cent (168 million) in 2025 from 71 per cent (161 million) in 2023.

“Exchange rate could strengthen as liquidity decreases and fiscal deficit declines as government revenue increases.”

“The petrol production by Dangote refinery will offer relief to consumers by addressing the supply challenges, guarantee the quantity and quality of refined products, but not the price, as no producer will sell below its production cost”.

As a result, “domestic price of petrol depends on the global price of oil, smuggling of petrol to the ECOWAS region will reduce as Dangote Refinery can sell directly to those countries.”

He projected that “Nigeria’s demand for PMS will stabilise at 35 million litres per day.”

Rewane noted that the macroeconomic impact of the Dangote refinery will basically include increase in petrol supply, elimination of petrol queues at fueling stations, improvement in quality of petrol product, increased GDP aggregate output, improvement in balance of trade, and bolstering of employment opportunities in the economy.

He faulted analysts’ expectation of an end in monetary tightening after 850bps increase in Monetary Policy Rate (MPR) stating it might be unrealised, as the new increase in petrol price and its inflationary pressure might hinder the Central Bank of Nigeria (CBN) from reducing rate.

In his words, “The petrol price spike will renew inflationary pressures. Therefore, analysts’ expectations for a slash in interest rate will have to wait till January 2025.

“Fiscal policies are also needed to tackle structural inflation drivers, such as insecurity, infrastructure deficiencies and import dependence.”

“Sectors that expanded in Q2’24 are mainly labour inelastic sectors”, while labour intensive sectors that lagged during the period increased by 8.69 per cent, from 32 in Q2’23 to 36 in Q2’24.

The Economist made a comparative analysis of sectorial growths between Q2’23 and Q2’24, stating that manufacturing slowed to 1.28 per cent, from 2.20 per cent; agriculture slowed to 1.41 per cent, from 1.50 per cent; construction slowed 1.05 per cent, from 3.27 per cent; real estate slowed to 0.75 per cent, from 1.70 per cent; and trade slowed to 0.70 per cent, from 1.31 per cent.

As a result, there is “reduced employment opportunities, slower economic growth, supply chain disruptions, increased import dependency and rising inequality and investment deterrents”.

Rewane added that if there will be increase in electricity generation to 6000MW, from 4000MW, within the next three to six months it would lead to a quantum leap in power supply stability.

Stressing that the improved power generation and supply on Nigeria’s economy would attract Foreign Direct Investment (FDI) inflows, enhance economic stability, encourage higher industrial output and job creation that would lead to GDP growth, as a 1000MW increase will lead to 0.5 per cent in GDP.

He said not only that improved power generation and supply will attract Foreign Direct Investment (FDI), it would also afford consumers reliable access to electricity, decreased cost of generator use, improved comfort and quality of life and more disposable income for other needs.

Rewane concluded that increased supply of electricity would enhance investment opportunities, reduce cost of production, boost investor confidence in the broader economy, increase productivity, and improve productivity for small businesses as well.

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Christian Wealth Principles

6 Biblical Money Foundations That Unlock Financial Freedom – What the Bible Really Says About Wealth

You will learn about Godly wealth principles and Christian money tips. It covers managing money, financial freedom and you will also explore Biblical investing, and blessings.

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Introduction

Is money evil? Should Christians be rich? What does the Bible really say about wealth?
Many believers struggle with finances due to mixed messages. But Scripture provides clear wisdom about money management. In this post, discover 6 Biblical money foundations that help you enjoy wealth without guilt and handle finances God’s way. This will help you in Faith and finances. You will learn about Godly wealth principles and Christian money tips. It covers managing money God’s way as well as spiritual and financial freedom. You will also explore Biblical investing, tithing, and blessings.

Watch the full video breakdown on our Faith & Fortune Finance YouTube channel [embedded below].

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1. God Owns Everything—We Are Just Stewards

Psalm 24:1 – “The earth is the Lord’s, and everything in it.”

God owns it all—your money, house, gifts, even your ideas.
You’re not the owner. You’re the steward.

Action Steps:

  • Shift from ownership to stewardship
  • Ask God how to manage what He’s entrusted to you
  • Use wealth to glorify God, not just yourself

Quote:

“When we see money as God’s, we handle it differently—with purpose, peace, and power.”


2. Diligence and Hard Work Bring Prosperity

Proverbs 10:4 – “Lazy hands make for poverty, but diligent hands bring wealth.”

Financial laziness is mental, physical, and spiritual.
Avoid laziness in planning, learning, and building wealth.

Example: Oprah Winfrey built a global empire through diligence—not luck.
Biblical Application: Psalms 1:3 – “Whatever he does prospers.”

Faith + Action = Prosperity

Action Steps:

  • Show up early. Learn. Network. Execute.
  • Serve God in your work, not just in church.
  • Work is worship when done with purpose.

3. Avoid Debt and Live Within Your Means

Proverbs 22:7 – “The borrower is slave to the lender.”

Debt leads to anxiety, stress, and missed opportunities.
God’s people are called to financial freedom.

Real-World Example:
Chris Hogan teaches the power of debt-free living in Everyday Millionaires. These everyday millionaires became wealthy by saving. They also budget carefully and avoid debt.

Action Steps:

  • Budget with a plan, not emotion
  • Buy only what you can afford
  • Practice the “banana principle”: Don’t chase what’s ripe today but rotten tomorrow.

4. Tithing and Generosity Invite God’s Blessing

Malachi 3:10 – “Bring the whole tithe… see if I will not throw open the floodgates of heaven.”

Generosity invites God into your finances.

Real-World Example:
Bill Gates’ philanthropy helped eradicate diseases and feed nations. He gave to bless, and the blessing multiplied.

Action Steps:

  • Tithe as an act of faith
  • Give beyond money—give time, wisdom, love
  • Be a blessing to others

5. Invest and Multiply What God Gives You

Matthew 25:14–30 – Parable of the Talents

God expects you to grow what He gives you. Don’t bury your potential.

Real-World Examples:

  • Warren Buffet invests long-term with wisdom and restraint
  • Ray Dalio succeeds through planning, research, and principles

Action Steps:

  • Start small—just start
  • Learn to invest: stocks, skills, businesses
  • Multiply resources for Kingdom impact

6. Practice Contentment—Avoid the Love of Money

1 Timothy 6:10 – “The love of money is the root of all evil.”

Wealth is a tool, not a goal.

Real-World Example:
Dave Ramsey lives and teaches contentment after rebounding from financial failure. He preaches peace over pressure.

Action Steps:

  • Be content with what you have
  • Avoid comparison and consumerism
  • Focus on eternal rewards over earthly riches

🎯 How to Apply These Biblical Money Foundations Today

✅ Recognize that God owns everything
✅ Be diligent and hardworking
✅ Avoid debt and impulse purchases
✅ Tithe and give generously
✅ Invest wisely
✅ Practice contentment daily


Watch Full Teaching on YouTube

👇Watch this full video breakdown with real-life case studies and extra teaching only on Faith & Fortune Finance:


Conclusion

God’s financial principles aren’t just spiritual—they’re practical. Apply them and you’ll see peace, purpose, and prosperity flow into every area of your life.

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Finance & Business

As Nigerians Battle Pains Of Soaring Petrol Price

This is more than just about fuel; it’s about the larger picture of governance failure. The fact that a country as oil-rich as Nigeria can’t provide affordable fuel for its people is a tragedy.

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BY IFEANYI MOGBOLU

The Daily Times-The latest fuel price hike in Nigeria is beyond frustrating. Every time we think it can’t get worse, it does, and yet again, ordinary Nigerians bear the brunt of it.

It’s like a never-ending cycle, where the government’s promises of reforms or stabilisation always end up as empty rhetoric. The cost of living is already sky-high, and now, with fuel prices rising again, transport fares, food prices, and basic commodities are bound to follow suit.

It’s enraging because it doesn’t feel like anyone is truly considering the everyday citizen who is struggling just to survive.

This is more than just about fuel; it’s about the larger picture of governance failure. The fact that a country as oil-rich as Nigeria can’t provide affordable fuel for its people is a tragedy. The subsidies are gone, and now we’re left in a situation where the prices of everything keep climbing, while salaries remain stagnant or non-existent for many.

The disparity between the elites and the masses is growing, and it feels like nobody in power truly cares about the suffering of the people.

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The anger isn’t just about fuel; it’s about the entire state of living. Nigerians are exhausted. There’s no sense of security; power supply is erratic, basic infrastructure is crumbling, and inflation is at an all-time high. How do we live like this? Every day is a battle to make ends meet, and the government seems utterly disconnected from the struggles on the ground.

It’s infuriating that while politicians and elites live in luxury, the rest of us are left scrambling for the bare minimum. The state of living is unbearable, and the lack of empathy or real action from those in power only adds salt to the wound.

There’s a deep sense of anger and betrayal that comes with seeing your country’s wealth mismanaged, while the people continue to suffer. It’s hard not to feel like we are constantly being taken for granted, pushed further into hardship without any hope of relief. Something has to give, because this state of affairs is unsustainable.

QUOTE:

The anger isn’t just about fuel; it’s about the entire state of living. Nigerians are exhausted. There’s no sense of security; power supply is erratic, basic infrastructure is crumbling, and inflation is at an all-time high. How do we live like this? Every day is a battle to make ends meet, and the government seems utterly disconnected from the struggles on the ground. It’s infuriating that while politicians and elites live in luxury, the rest of us are left scrambling for the bare minimum.

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Finance & Business

Nigeria To Receive $5.600,000 From Bill Gates, For Health And Agricultural Reforms, GMOs

Alongside the activities surrounding the 79th United Nations General Assembly in New York, Vice President Kashim Shettima held a meeting with the Bill and Melinda Gates Foundation leading to the announcement of the donation by the Foundation’s head of Global Development.

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Bill Gates, GMOs, KASHIM Shettima

Bill and Melinda Gates Foundation is giving Nigeria through Vice President Kashim Shettima, a $5.600,000 funds to speedy up health and agricultural reforms in favour of the GMOs in Nigeria, and flood relief.

Through the Foundation’s head of Global Development Programme, Dr Christopher Elias, Bill Gates pledged $5 million grant approved for Lagos Business School and partners to develop the agricultural economics they called “industrial cassava” and $600,000 for flood relief in Borno State and other health sector initiatives.

Alongside the activities surrounding the 79th United Nations General Assembly in New York, Vice President Kashim Shettima held a meeting with the Bill and Melinda Gates Foundation leading to the announcement of the donation by the Foundation’s head of Global Development.

Recall that on 4 September, Bill Gates had described the Nigeria’s economy as “stagnated” and proposed agricultural reforms for faster and increased growths in crops, fruits, vegetables amongst others to enhance nutritional values of the Nigerian citizens through the agricultural sector.

In that meeting Chaired by Vice President Kashim Shettima, Bill gates urged Nigeria to adopt “innovative crop varieties with shorter growing periods, higher yields, and better pest resistance” pointing to the GMOs to address the food crisis.

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Moreover, at the 79th UN General Assembly in New York, VP Shettima reaffirmed to the Bill and Melinda Gates Foundation, the commitment of the administration of President Bola Ahmed Tinubu prioritizing health, nutrition, and agricultural development in Nigeria’s national agenda.

In a statement by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, Shettima said: “we are deeply committed to addressing the pressing developmental challenges facing our nation, particularly the significant malnutrition crisis”.

He emphasised the Federal Government’s dedication and urgently working to secure locations for maize production under the Telemaze programme.

VP Shettima, promising swift action to the Gate’s Foundation on import permits for certified seeds, the VP said, “We recognize the critical importance of food security and industrial agricultural development. The Cassava Accelerator programme, in particular, holds immense potential for our economy.

“We are pursuing a whole-of-government approach to digitisation and data exchange systems, which we believe will revolutionise our public services,” he added while reiterating the government’s focus and commitment to digital transformation.

“With the expertise” of Nigeria’s ministers, “and the continued support of partners like the Gates Foundation,” the nation remains confident in its “ability to drive meaningful change and improve the lives of all Nigerians.”

In his response, President of the Global Development Programme at the Gates Foundation, Dr. Christopher Elias, said the Foundation is burdened with worries of the severe flooding in Borno, and is “committed to supporting Nigeria in times of crisis.”

Speaking of Polio, the Foundation said, “We’re impressed by the national task force’s efforts to eliminate variant polioviruses by year-end,” Dr. Elias noted.

Also, President of Global Growth & Opportunity Division at the Bill & Melinda Gates Foundation, Rodger Voorhies, detailed plans for scaling up drought-tolerant maize production and advancing the Nigeria Cassava Investment Accelerator programme emphasizing that a $5 million grant has been approved for Lagos Business School and partners to develop the agricultural economics of industrial cassava.

In his words, “Industrial cassava presents a multi-billion-dollar opportunity for Nigeria,” Voorhees stressed.

He requested import permits for 5,000 metric tons of certified GMO maize seed to build a foundation seed system in Nigeria.

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