By: Our Correspondent
Former Minister of Aviation, Osita Chidoka, has expressed concern over the rising cost of fuel in Nigeria, offering a detailed analysis of the impact on citizens, particularly minimum wage earners and young graduates.
In a statement obtained by Starnews NG on the verified facebook account of Chidoka, he apparently revealed that he recently spent ₦100,000 on fuel, which nearly filled the tank of his Lexus 460 jeep.
At a current price of ₦1,140 per litre, this expense surpasses the national minimum wage by ₦30,000, highlighting the growing challenge for ordinary Nigerians.
Chidoka broke down the economic impact further, stating, “A minimum wage earner in Nigeria, working eight 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.”
He added that even for a young graduate earning ₦150,000 monthly, the cost of fuel is steep. “It requires 1.2 hours of work for this group to purchase a litre of fuel,” he said.
Chidoka compared Nigeria’s situation to other countries like Egypt and South Africa. In Egypt, where fuel costs ₦443 per litre and the monthly minimum wage is ₦202,400, it takes only 21 minutes of work to buy a litre of petrol.
Similarly, in South Africa, where fuel prices are significantly higher at ₦2,480 per litre, it still takes only 1 hour and 4 minutes of work to afford a litre due to a minimum wage of ₦395,824.
He concluded, “In Nigeria, a minimum wage earner needs 2.6 hours to buy a litre of fuel, compared to just 21 minutes in Egypt and 1 hour and 4 minutes in South Africa. While fuel prices in Nigeria may not seem high by global standards, our incomes are far too low to sustain meaningful consumption. It’s time to rethink our economic growth and production strategies.”
Chidoka based his analysis on an exchange rate of ₦1,600 to the dollar, further emphasizing the need for a reassessment of Nigeria’s economic policies to ensure that the rising cost of living does not continue to outpace income growth.
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