Fuel Hike: 129m Nigerians living below poverty line –Report

*The National Bureau of Statistics reveals Nigerian energy consumers spent 24 percent more for the Premium Motor Spirit, also called petrol September 2024, just as the World Bank latest report on Nigeria indicates 129 million consumers are currently living below poverty in the West African country 

Isola Moses | ConsumerConnect

The National Bureau of Statistics (NBS) has stated Nigerian energy consumers spent 24 percent more for the Premium Motor Spirit (PMS), also called petrol September 2024.

The NBS, in its recent Premium Motor Spirit Price Watch for September 2024, on country’s Consumer Price Index (CPI) reflecting the headline inflation estimated at 30.72 percent.

The agency noted the consumers paid more for PMS amid the rising Cost of Living (COL), and this development invariably, is affecting millions of consumers in the economy.

Likewise, the World Bank in its latest report on Nigeria, said 129 million Nigerians currently live below poverty.

The Bank’s Nigeria Development Update report released Thursday, October 17, in Abuja, indicated that over 129 million affected Nigerians represented a sharp rise from 40.1 percent in 2018 to 56 percent in 2024.

The World Bank report partly stated: “With growth proving too slow to outpace inflation, poverty has risen sharply.

“Since 2018, the share of Nigerians living below the national poverty line16 is estimated to have risen sharply from 40.1 percent to 56.0 percent.”

The report noted: “Combined with population growth, this means that some 129 million Nigerians are living in poverty.

“This stark increase partly reflects Nigeria’s beleaguered growth record. Real GDP per capita has not recovered to the level it was at prior to the oil price-induced recession in 2016.”

Following the World Bank report, the National Bureau of Statistics in its newly released Premium Motor Spirit Price Watch for September 2024, noted that the average retail price paid by consumers for PMS for September 2024 was N1030.46, indicating a 64.55 percent increase, compared to the value recorded in September 2023 (N626.21).

Likewise, the NBS comparing the average price value with the previous month (.i.e. August 2024) indicated the average retail price increased by 24.08 percent from N830.46.

On state profile analysis, Katsina State had the highest average retail price at N1096.15, according to the Bureau.

Ebonyi and Akwa Ibom States were next, with N1090.94 and N1085.71, respectively. Conversely, Yobe, Sokoto, and Kebbi States had the lowest average retail prices at N939.38, N961.67, and N986.67 respectively.

The Zonal profile, the North-West Zone had the highest average retail price of N1036.52, while the North-East Zone had the lowest price of N1014.55, noted the report.

The data collection for the report was conducted in sample outlets spread across 774 local government areas in all 36 states, and the FCT, Abuja.