Business
Lifestyle adjustments that will help you cope with petrol subsidy removal
While delivering his inaugural address on Monday, President Bola Tinubu said the “petrol subsidy is gone” because the immediate administration did not make provision for such in the 2023 appropriation. Despite the assurance by the president’s team that the subsidy removal is not immediate, the announcement has sparked a reaction across the country.
Since then, in Lagos, Abuja, and other parts of the country, operations have ceased in some filling stations, while those that dispensed petrol increased prices.
Transport fares have gone up, and thousands of people are spending valuable time queueing for fuel. It’s hitting everyone where it hurts, even the rich are not left out.
Nigerians are left with no choice but to adjust to new lifestyles brought about by a change of policy. It started during the height of the naira redesign policy, now the petrol price hike may demand a more frugal lifestyle.
Here are suggestions for some lifestyle adjustments.
Explore alternative energy sources
This may be the best time to invest in renewable energy to reduce dependence on fuel for electrical machines and generators used in factories and homes.
Portable solar home systems remain one of the cheapest means to light up the house and power small home appliances.
Introduction of flexible work schedules by employers
There are jobs that cannot survive days without the physical congregation of workers, but there are many other establishments that can endure the blend of virtual and physical arrangements for workers.
Factories can make work schedules flexible by adopting regulated work shifts to ease transportation costs for employees.
This is the time to encourage virtual meetings. The objective of that official meeting can still be achieved on Zoom, Google Meet and other video conferencing apps. That document can also be signed virtually. We can still achieve efficiency in a tech-driven work environment.
Foster the idea of efficient driving habits
Nigerians are buying a litre for N488 in Lagos and over N500 in Abuja and in other parts of the country. It is advisable that private car owners drive when it is only unavoidable and also ensure that their speed is moderate. Maintain a constant speed of 15 to 20 mph.
The idea of doing away with the car’s air conditioning may have been received as a joke, but some experts claim leaving it on while driving slowly increases fuel consumption by up to seven per cent.
Consumers must at this time start to learn how to do proper maintenance of their vehicles without having to entirely do away with them.
Register wards in schools at a trekking distance from your house
The nuances of picking a child’s school are not lost on us; drastic issues demand well-thought decisions. In order to augment the budget for those that keep one, the thought of changing one’s child’s school to a good institution of trekkable distance is quite logical at this time.
Attend neighbourhood places of worship
Congregating in recognised churches and mosques no matter how excruciating it takes to reach there is an attitude that may need to be relaxed at this period.
Religious Nigerians may need to attend places of worship close to their homes. This situation may be unfamiliar but at this delicate time, it appears “where two or three are gathered” is best believed.
A phone call will do it
At the moment, there are so many places you can avoid driving to and you can also avoid spending huge money on commercial vehicles. A phone call will do it. It’s safer that way and less expensive. You don’t have to spend hours in traffic too.
If it is not far, walk it. Walking is a good exercise for your health. Patronise neighbourhood shops, malls and markets. A phone can also deliver that product to your doorstep. The world is changing; you should too.
Most importantly, live within your means.
Business
Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS
The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.
The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.
Business
Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers
The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.
This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.
The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.
Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.
“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.
“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.
“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”
Business
Allegation of missing fund untrue, says Access Bank
Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.
The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.
“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.
“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.
“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.
“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.
“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.
“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.
“We remain committed to serving our customers.”
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