Business
‘I refuse to pray for Nigeria because Prayer cannot solve our Problem’ – Frustrated Nigerian says as Fuel Crisis Lingers
Commuters, motorists and other users of Premium Motor Spirit (petrol) faced tougher conditions on Tuesday as the latest round of fuel scarcity in the country got worse, with its attendant negative impacts on transportation and businesses.
Some frustrated Nigerians narrated to our correspondents their ordeals while trying to get petrol at the few filling stations that were selling the product in Lagos, Ogun, Abuja and Owerri.
Our correspondent who visited the Nigerian National Petroleum Corporation depot in Ejigbo, Lagos, learnt that only 28 tankers loaded PMS on Tuesday, down from between 40 and 50 tankers daily before the scarcity began, while many private depots in Apapa were still without the product.
Commuters were seen at many bus-stops struggling to get commercial vehicles to different destinations, even as transport operators increased the fares by as much as 100 per cent on most routes.
The long queues of desperate motorists at some filling stations in parts of Lagos spilled onto the roads and caused gridlock, making commuters to suffer more pain.
A commercial vehicle driver, Mr. Obinna Jonathan, said, “We don’t know where this country is heading to because we experience fuel scarcity every year, especially in December. Since morning, I have been looking for fuel. Even yesterday (Monday), I know how I struggled to get N3,000 worth of fuel, which I used to convey passengers.
“It is really affecting my work because as a commercial driver, if I don’t have fuel in my vehicle, I can’t work; I am not going to put water in the tank. The government should really look into this issue because we are suffering in this country. I am even tired of this country; if I see a way to get out of this country, my brother, I will just vanish from Nigeria. Believe me, we are suffering in this country.”
Another transporter, Mr. Muftau Badmus, who was seen pouring petrol from a jerry can into his tricycle at Cele Bus-Stop, along the Apapa-Oshodi Expressway, said he got to a filling station at around 5:30am and did not get fuel until around 2pm.
“I have told myself that after using up the fuel I bought today, I won’t come out tomorrow. The government should help us to solve this scarcity because the poor people are the ones suffering now. All the government people are not suffering but we that voted for them are the ones feeling the pain,” he lamented.
With sweat running down her face as she sat in her car waiting at a filling station along Okota Road to get petrol, Mrs. Kate Chukwu did not hide her frustration over the situation in the country.
She said, “I have been in the queue for over one and half hours just to get fuel. It is really outrageous and frustrating that we even have to pay an extra N200 to get the fuel. It is really bad because now I am supposed to be at home cooking, but I am here waiting to get fuel.
“Last Sunday, in my church, they said we should pray for our country. But I refused to pray because I know that my prayer cannot solve Nigeria’s problems; we have a lot of things that are not in order.”
A motorist, Mr. Sunday Isong, said the struggle to get petrol had disrupted his plan to travel to Cross River.
He stated, “Today, I am very confused and tired; I have been running up and down the whole day to get fuel. My car stopped at a particular point because of fuel. I started moving up and down with a jerry can, looking for fuel. I was eventually able to buy five litres of fuel for N1,200, which I put in the car to enable me to run around to see where I can get more fuel.
“I don’t know what is happening in this country. In some stations, they are not selling to vehicles but to those with jerry cans so that they can get extra money. The government should quickly do something about this. Our country has crude oil; so I don’t know what is causing fuel scarcity.”
Mr. Yemi Adewole, who runs a laundry business, alleged that many of the filling stations had the product but were reducing the rate at which they sold it so as to profiteer from the situation.
Meanwhile, the Department of Petroleum Resources said in a statement that it had come to its notice that some depot owners were selling PMS to unlicensed bulk buyers and some retailers at prices above the approved ex-depot prices, adding that some retail outlets were hoarding the product or selling at above the industry-set cap price.
The Zonal Operations Controller, Lagos, DPR, Mr. Wole Akinyosoye, said, “These actions are clear violations of the Petroleum Act, 1969 and extant regulations, and they exacerbate the current supply challenges by bringing unnecessary hardships on the consumers.”
He added that the agency had been punishing the errant operators and warned that penalties would be imposed on any operator engaging in illicit acts.
“We are also assuring the public that the government is doing everything to ensure the restoration of normalcy to the sector,” he added.
In Owerri, the Imo State capital, a litre of petrol sold for N200 on Tuesday instead of the approved price of N145.
This is even as the prices of goods and services, especially transportation fares, have increased by between 80 per cent and 100 per cent.
Most residents of the city called on the Federal Government, through the DPR and the state’s Ministry of Petroleum Resources, to caution the independent petroleum marketers in the state.
A commercial driver in Owerri, who gave his name as Johnson Emmason, flayed the owners of filling stations in the state for what he called arbitrary increase in the pump price.
Meanwhile, the NNPC said on Tuesday that it had started releasing 470 trucks of PMS to Abuja and Lagos despite the persistent queues for the product by motorists at the few filling stations that dispensed it.
In Abuja and neighbouring states of Kaduna and Nasarawa, the queues for petrol persisted on Tuesday, as hundreds of motorists struggled to get the product.
Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.
The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.
Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.
The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.
The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.
Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.
The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.
Alpha Morgan to Host 19th Economic Review Webinar
In an economy shaped by constant shifts, the edge often belongs to those with the right information.
On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.
The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.
With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.
Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19
It is a bi-monthly platform that is open to the public and is held virtually.
Visit www.alphamorganbank to know more.
GTBank Launches Quick Airtime Loan at 2.95%
Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.
In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.
For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.
Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”
Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.
With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank
Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.
About HabariPay
HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:
GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com
-
celebrity radar - gossips6 months agoWhy Babangida’s Hilltop Home Became Nigeria’s Political “Mecca”
-
society6 months agoPower is a Loan, Not a Possession: The Sacred Duty of Planting People
-
society5 months agoReligion: Africa’s Oldest Weapon of Enslavement and the Forgotten Truth
-
news6 months agoTHE APPOINTMENT OF WASIU AYINDE BY THE FEDERAL GOVERNMENT AS AN AMBASSADOR SOUNDS EMBARRASSING
You must be logged in to post a comment Login