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Yuletide: Travellers Battle Unending Price Hikes Ahead Of Christmas - PorscheClassy Media
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Yuletide: Travellers Battle Unending Price Hikes Ahead Of Christmas

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As Christmas approaches, Nigerians are grappling with a record-high transport inflation rate of 30.54 percent in November 2024, according to the Consumer Price Index report by the National Bureau of Statistics.

This figure, the highest recorded this year, highlights the escalating cost of mobility for individuals and businesses alike.

Throughout 2024, transport inflation remained a pressing issue, consistently surpassing levels recorded in 2023.

In January 2024, the transport inflation rate stood at 25.92 percent, a significant rise from 21.02 percent in January 2023.

The rate stabilised somewhat during mid-year, averaging 25.63 percent in May and June, before accelerating to 27.21 percent in September, when there was an increase in fuel prices.

It reached a new peak in November, marking a year-on-year increase of 3.52 percentage points compared to 27.02 percent in November 2023.

The surge in transport costs has been driven by a combination of economic and policy-related factors.

Chief among them is the removal of fuel subsidies, implemented shortly after President Bola Tinubu assumed office in May 2023.

This policy, while aimed at stabilising public finances and spurring economic growth, led to a sharp rise in petrol and diesel prices, which are critical inputs for road and public transport.

However, there have been controversies around the removal of fuel subsidies.

Earlier reports had it that the Nigerian National Petroleum Company Limited (NNPCL) requested an additional subsidy refund of N1.19tn for July 2024, citing exchange rate differentials on Premium Motor Spirit importation and joint venture taxes.

The report revealed that exchange rate differentials stood at N4.56tn as of June 2024 (due to under-recovery on petrol imports between August 2023 and June 2024), but this figure increased to N5.31tn by July 2024.

The NNPCL attributed the rise to fluctuations in foreign exchange rates and unresolved subsidy payments from previous months.

The total figure adds to concerns over the fiscal impact of subsidy payments on the Federation Account.

Exchange rate fluctuations and the rising cost of importing PMS have continued to strain government revenues, raising questions about the sustainability of the partial subsidy framework.

The naira’s depreciation has further compounded the situation, as the cost of imported spare parts and vehicles has risen sharply, forcing transport operators to pass on these expenses to consumers.

Seasonal factors have also played a role, with the festive period typically driving increased demand for travel.

Poor road infrastructure and limited alternatives, such as rail transport, continue to add inefficiencies and costs to the transportation sector, further inflating prices.

This year’s inflationary trends reflect broader economic challenges that have intensified since Tinubu’s inauguration.

Amidst the increasing cost burden on the government for petrol under-recovery, and despite promising to bring down the price of petrol during his campaign, President Bola Tinubu increased petrol price by about 505.71 percent, from N175 in May 2023 to N1,060 in October 2024, inflicting more pain on the already impoverished Nigerians.

Observation shows that the price of petrol was increased at least five times under Tinubu, with an increase in May 2023, another in June 2023, a further increase in September 2024, and two more in October 2024.

When Tinubu took office in May 2023, transport inflation stood at 23.87 percent, according to data from the NBS.

By November 2024, it had escalated to 30.54 percent, marking a significant rise of 6.67 percentage points or 27.94 percent in 18 months.

There has also been a persistent increase in the inflation rate almost throughout Tinubu’s presidency.

In May 2023, Nigeria’s headline inflation rate stood at 22.41 percent, according to the NBS.

By November 2024, it had escalated to 34.60 percent, the highest level in nearly three decades, marking an increase of over 12 percentage points in 18 months.

The naira’s devaluation, from N769 per dollar in June 2023 to an average of N1,550 per dollar in December 2024, has significantly raised the cost of imported goods and services.

The Central Bank of Nigeria responded with aggressive monetary tightening, raising interest rates by 875 basis points in 2024.

Despite these efforts, the rising cost of living continues to strain households and businesses across the country.

Commuters face daily expenses that erode their purchasing power, while businesses, particularly small and medium enterprises, are grappling with increased logistics costs that inevitably translate to higher prices for goods and services.

Amid the rising cost of fuel and transportation, the NNPCL reduced its ex-depot price of Premium Motor Spirit, commonly referred to as petrol, to N899 per litre.

This decision, coming days after the Dangote Refinery reduced its price to N899, was confirmed by the Petroleum Products Retail Outlets Owners Association of Nigeria.

The new price indicates a reduction of N141, or 13.56 percent, from N1,040 per litre sold to customers living in the Federal Capital Territory.

PETROAN’s National Public Relations Officer, Dr Joseph Obele, noted that the price reduction by the national oil firm was a response to the competitive impact of deregulation, which had led to increased competition in the downstream sector.

He expressed optimism that PMS prices would drop further before the end of January 2025, given the global decline in crude oil prices and the naira’s recent gain against the dollar.

Also, the National President of PETROAN, Billy Harry, said the price reduction would relieve motorists and Nigerians during the holiday season.

To ease transportation costs during the Christmas and New Year celebrations, Tinubu approved free train rides nationwide from December 20, 2024, to January 5, 2025.

The Federal Government also announced a 50 percent slash in interstate transport fares for the Yuletide season to reduce travel expenses for Nigerians travelling to celebrate Christmas and New Year.

An MOU was signed between the Federal Government and key transport stakeholders, including the National Union of Road Transport Workers, the Road Transport Employers Association of Nigeria, the Association of Luxurious Bus Owners of Nigeria and God is Good Motors.

Under the arrangement, passengers departing from Abuja and Lagos (Oshodi) to various destinations across the country will pay only half the usual fare.

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Senate Prescribes Death Penalty For Kidnappers

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The Senate on Wednesday announced a decisive move against the nation’s escalating insecurity, declaring kidnapping a form of terrorism and recommending the death penalty for perpetrators, with no option of fines or judicial discretion to reduce punishment.

The resolution followed intense debate after the November 18 attack on Christ Apostolic Church, Eruku, in Ekiti Local Government Area of Kwara State, where gunmen killed two worshippers and abducted 38 others.

Although security agencies later rescued all abducted victims through joint operations involving the army, police, DSS operatives and community vigilantes, lawmakers said the incident illustrated the growing southward spread of insurgent cells and highlighted the vulnerability of rural communities.

The resolutions originated from a motion presented by Senator Yisa Ashiru (Kwara South) titled “Urgent Need to Address Escalating Insecurity in Kwara, Kebbi, and Niger States and Strengthen National Security Frameworks,” which prompted a wave of contributions detailing attacks on schools, worship centres, highways and entire settlements.

Senators observed that repeated school abductions had forced the closure of all schools in local government areas across Kebbi and Niger states, five LGAs in Kwara State, and all 47 Federal Unity Colleges nationwide.

Senator Issa Jibrin (Kogi East) raised alarm over the country’s inadequate manpower capacity in security agencies, saying Nigeria’s entire security workforce “do not total one million,” unlike Egypt’s 1.5 million. He called for urgent enhancement of security equipment, intelligence coordination, and the creation of a reserve force to support exhausted troops.

Other contributions expressed concern that banditry was advancing toward Osun State through Ekiti-linked communities in the Eruku–Isapa–Koro axis, where a retired Army General and a traditional ruler were recently killed.

Lawmakers also linked criminal attacks to the poor condition of major roads, directing the Federal Ministry of Works to commence immediate reconstruction of the Idofian–Omu-Aran–Eruku–Egbe–Kabba route to limit criminal escape pathways.

As the debate intensified, senators agreed that kidnapping had evolved into terrorism and should attract the harshest punishment. Many insisted that “Capital punishment must apply,” adding that no judge should have the authority to reduce sentences for convicted offenders.

The Senate also urged President Bola Tinubu to “further rejig the nation’s security architecture,” which prompted Senator Ali Ndume to caution that such phrasing could be misinterpreted following the recent confirmation of service chiefs. The chamber later clarified that its appeal focused on enhanced coordination, technological upgrades, intelligence strengthening, and rapid deployment capabilities.

In a rare institutional introspection, the Senate disbanded its Committee on National Security and Intelligence and its Committee on Air Force with immediate effect. Other security-related committees were directed to present written oversight reports and brief the chamber in a closed session within one week.

Lawmakers further moved to bolster registered vigilante groups with federal support and initiated a review of the nation’s firearms laws to allow controlled arming of responsible individuals.

The resolutions followed a heated plenary session, with senators openly clashing over the expanding wave of kidnappings and mass attacks in several states.

Earlier, the chamber adopted a separate motion by Senator Asiru Yisa (Kwara South) commending President Tinubu and security agencies for the rescue of dozens abducted in Kwara and Niger States.

The debate grew more intense as lawmakers reviewed the kidnapping of schoolchildren in Kebbi, mass abductions in Niger, and the church attack in Eruku. Senator Ashiru said the Senate was “deeply disturbed” by the attack on the CAC church and expressed concern over reports that soldiers withdrew from the Kebbi school hours before bandits launched their assault.

Deputy Senate President Barau Jibrin argued that Nigeria must expand its search for solutions and “seek assistance from overseas, urging collaboration with global partners to stem the crisis.”

Senate Leader Opeyemi Bamidele described the security situation as defining and questioned the absence of data on terrorists neutralised during rescue operations. He also warned senators against political posturing and called for internal reform, stating, “If we are calling on the President to rejig the security architecture, we must also look into our own arrangement. I am not impressed with our Committee on Security and Intelligence. We should rejig it ourselves.”

Senator Enyinnaya Abaribe challenged attempts to attribute the crisis to previous administrations, insisting that the current government must take responsibility. He referenced reports of troop withdrawal before the Kebbi school attack, saying, “Who asked them? Nobody knows. If I were the Commander-in-Chief, I would demand answers.”

Senate President Godswill Akpabio expressed concern about intelligence leaks, recalling past instances where the location of a brigadier general killed in Borno was allegedly compromised. He also questioned how bandits managed to strike a school in Kebbi despite security warnings.

The session became rowdy when Senator Seriake Dickson claimed Nigeria was “losing prestige and integrity,” accusing the majority caucus of downplaying the seriousness of the crisis. His remarks provoked protests from APC senators, prompting Akpabio to mute his microphone.

Senator Adams Oshiomhole defended President Tinubu and demanded a probe into the reported troop withdrawal. He argued that “Who ordered the military to withdraw? That person should be tried for terrorism,” a proposal the Senate adopted. He also questioned inconsistencies in sentencing for terrorism cases and reiterated support for the death penalty for kidnappers.

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BIG STORY

INSECURITY: President Tinubu Demands Herders Surrender Guns

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President Bola Tinubu has urged herders across the country to end open grazing, surrender all illegal firearms, and adopt ranching as part of a new national strategy aimed at resolving the persistent farmer–herder conflict.

In a statement issued on Wednesday, Tinubu said his administration is prioritising sustainable solutions to the violent confrontations between herders and farming communities, clashes that have significantly contributed to instability across several northern and central states.

The appeal comes at a time when multiple school kidnappings have been recorded in Niger, Kebbi, and other regions over the past week, alongside continued farmer–herder violence in the North Central zone, where numerous fatalities have been reported in recent months.

Tinubu declared that “Ranching is now the path forward for sustainable livestock farming and national harmony,” urging all herder associations to take advantage of the new policy direction, discontinue open grazing, and surrender illegal weapons.

The President also appealed to mosques and churches, particularly in high-risk locations, to strengthen coordination with security agencies to safeguard members during prayers and gatherings.

Highlighting the establishment of the Ministry of Livestock as part of his long-term restructuring plan, Tinubu called on herder groups to work with the ministry to modernise livestock production and shift fully to ranch-based systems.

He emphasised that disputes between herders and farmers have long contributed to insecurity, ranging from land clashes to deadly confrontations, especially in the Middle Belt region.

According to the President, the government’s new livestock policy seeks to protect both herders and farmers while reducing land-use tensions across communities.

Tinubu also disclosed that the Federal Government, working with state authorities, will provide frameworks for the creation of ranches and enforce measures against illegal arms circulation to support the transition.

Meanwhile, the Edo State Government on Wednesday said it had intensified security operations across the state following threats issued by a man identified as a self-proclaimed bandit in the Edo Central Senatorial District.

In a statement signed by the Chief Press Secretary to Governor Monday Okpebholo, Fred Itua, the government provided assurances of adequate protection for residents amid rising concerns.

The governor convened a high-level security meeting after a viral video showed the alleged bandit issuing threats to communities in and around Ekpoma.

The Edo State Special Security Squad recently arrested two suspected kidnappers, identified as Anthony Fedigha Ebimienwei and Luke Disemoh, in the Egbai Community, Ovia North-East Local Government Area, following what authorities described as “high-level, intelligence-driven surveillance.”

The government urged the public to remain calm, stay vigilant, and cooperate with security agencies, warning against the circulation of misinformation. Governor Okpebholo reaffirmed his commitment to protecting the lives of residents, commuters, and investors throughout the state.

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Wema Bank Davido 5ive Tour Travels Across 4 Regions Of Nigeria, Over 80k Fans In Attendance [PHOTOS]

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Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has once again taken centre stage in grand style, collaborating with Africa’s biggest Afrobeats artiste, David Adeleke, popularly known as Davido, on the Nigeria leg of his 5ive Tour. The Tour, which hit its 4th city on November 9, 2025, has recorded over 80,000 attendees so far.

Davido kicked off the 5ive tour earlier in 2025, commemorating the release of his 5th studio album, 5ive, with a world tour that covered numerous cities across the globe. The 5ive tour, a massive success since its launch, took over global headlines on October 14, 2025, when Davido announced that he would be bringing the tour back home to Nigeria where it all started, collaborating with none other than his longtime financial partner and banking family, Wema Bank.

Unsurprisingly, Wema Bank rose to the occasion in grand style, dominating the Nigerian leg of the 5ive tour across 4 locations so far: Uyo, Yola, Enugu, and most recently, Ibadan. These 4 locations have covered all 4 regions of the country, demonstrating an intentional sense of diversity and inclusion. The Bank, in its usual standard of raising the bar, brought a new wave of glamour, sophistication and excitement that shook the industry, resulting in what has become the biggest studio tour in Africa, brought to you by Wema Bank.

From providing its customers with exclusive access to experience the tour as regular or VIP guests to giving out high-quality trendy Davido 5ive tour merch that every Nigerian couldn’t wait to rock with pride, Wema Bank took the nation by storm as major sponsor of the 5ive Tour. With commendation and kudos trooping in from Nigerians across the globe, Wema Bank has undoubtedly won the hearts of millions, cementing its reputation as the innovative youth-centric bank that remains in touch with the needs and lifestyles of its customers.

A dynamically synergic duo, Wema Bank and Davido have executed what is arguably the biggest finance-entertainment collaboration, totally redefining what it means for banking to seamlessly integrate with lifestyle as needs continue to evolve.

All anticipation now builds up to December 14, 2025, when Wema Bank will once again take the 5ive tour to Nigerians right here in Nigeria; this time in the capital city of Abuja. Anyone interested in getting a free ticket or getting access to the highly sought after Davido 5ive Tour merch is encouraged to follow @wemabank on Instagram, X and Facebook to stay tuned as the #Wema5iveAliveTour continues to unfold.

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