ENGINEERS FAROUK AHMED, GBENGA KOMOLAFE RESIGN, PRESIDENT TINUBU NOMINATES SUCCESSORS TO THE SENATE FOR APPROVAL. (PHOTO). #PRESS RELEASE.

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 STATEHOUSE PRESS RELEASE   ENGINEERS FAROUK AHMED, GBENGA KOMOLAFE RESIGN, PRESIDENT TINUBU NOMINATES SUCCESSORS TO THE SENATE FOR APPROVAL President Bola Ahmed Tinubu has asked the Senate to approve the nominations of two new chief executives for the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).   The requests followed the resignation of Engineer Farouk Ahmed of the NMDPRA and Gbenga Komolafe of the NUPRC. Both officials were appointed in 2021 by former President Buhari to lead the two regulatory agencies created by the Petroleum Industry Act (PIA).   To fill these positions, President Tinubu has written to the Senate, requesting expedited confirmation of Oritsemeyiwa Amanorisewo Eyesan as CEO of NUPRC and Engineer Saidu Aliyu Mohammed as CEO of NMDPRA.   The two nominees are seasoned professionals in the oil and gas industry.   Eyesan, a graduate of Economics f...
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YESTERDAY I SPENT N100K ON FUEL- OSITA CHIDOKA. (PHOTO).

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 Yesterday, I spent ₦100,000 on fuel, nearly filling the tank of a Lexus 460 jeep. At ₦1,140 per litre, I realised this amount is ₦30,000 higher than Nigeria's ₦70,000 minimum wage. 


A minimum wage earner in Nigeria, working 8 hours a day for 20 days a month, earns approximately ₦437.5 per hour. It takes 2.6 hours of work to afford a litre of petrol. 


A young graduate earning ₦150,000 monthly requires 1.2 hours of work to purchase a litre. 


In comparison: 


Egypt: Fuel costs ₦443 per litre, and the monthly minimum wage is ₦202,400 (₦1,265 per hour). It takes 21 minutes of work to buy a litre. 


South Africa: Fuel is ₦2,480 per litre, and the minimum wage is ₦395,824 (₦2,320 per hour). It takes 1 hour and 4 minutes to buy a litre.


In Nigeria, a minimum wage earner needs 2.6 hours to buy a litre of fuel, compared to 21 minutes in Egypt and 1 hour and 4 minutes in South Africa. 


My take: Fuel prices in Nigeria may not be high by global standards, but it appears incomes are too low to sustain meaningful consumption. It’s time to rethink our economic growth and production strategies. 


*used ₦1600 as exchange rate 


Osita Chidoka

12 October 2024

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