Former Aviation Minister, Osita Chidoka, has voiced his concerns over the sharp rise in fuel prices in Nigeria, providing an in-depth analysis of how this affects the average citizen, particularly those earning minimum wage and recent graduates.
In a recent post shared on his verified Facebook page and obtained by AFRIPOST, Chidoka disclosed that he recently spent ₦100,000 on fuel to nearly fill the tank of his Lexus 460 SUV.
“With the current price of petrol at ₦1,140 per litre, this amount exceeds the national minimum wage by ₦30,000, underscoring the financial strain on ordinary Nigerians.”
Chidoka further broke down the situation, explaining that a minimum wage earner, working 8 hours a day for 20 days each month, earns approximately ₦437.5 per hour.
“It takes 2.6 hours of labor for such a person to buy just one litre of petrol,” he noted.
He also pointed out that even a young graduate earning ₦150,000 per month faces high fuel costs, as it would take 1.2 hours of work for them to afford one litre of fuel.
Drawing comparisons to other countries, Chidoka highlighted that in Egypt, where petrol costs ₦443 per litre and the monthly minimum wage is ₦202,400, “it only takes 21 minutes of work to purchase one litre of fuel. In South Africa, where fuel is priced at ₦2,480 per litre, a worker on the minimum wage of ₦395,824 would need to work 1 hour and 4 minutes to buy a litre of petrol.”
“In Nigeria, a minimum wage worker requires 2.6 hours to buy one litre of fuel, whereas it takes just 21 minutes in Egypt and a little over an hour in South Africa,” Chidoka emphasized.
He added that although fuel prices in Nigeria might not be the highest globally, the country’s low wages make it difficult for many to afford basic commodities.
Using an exchange rate of ₦1,600 per dollar in his calculations, Chidoka concluded by stressing the need for Nigeria to reassess its economic strategies to ensure incomes can keep pace with rising living costs.