UNILAG Students Hold Second Protest Against Tuition Fee Increase

Once again, students from the University of Lagos (UNILAG) have taken to the streets, marking their second protest within a week to express their discontent with the recent tuition fee hike at the institutions, in solidarity in their counterparts from other universities. Chanting slogans, the protesters gathered to emphasize the pressing need for the university authorities to reconsider the fee adjustments. The demonstration saw a notable presence of both the Nigerian Police Force and the Nigeria Security and Civil Defence Corps (NSCDC). Students participating in the protest were resolute, vowing to continue their demonstrations until their school fees are reverted to their previous levels. They argued that the fee increases lack empathy and place undue financial burdens on them. In addition to their demands for fee reduction, the students called upon the Federal Government to channel the funds generated from subsidy removal towards investments in education, rather than allowing further fee hikes. UNILAG had previously announced the tuition fee increments for both new and returning undergraduate students in July, citing the prevailing economic conditions as the rationale behind the decision.

Nigeria’s intercity transport rises by 98.88% in June -NBS

The average fare paid by commuters for bus journeys within the city per drop increased by 97.88 percent from N649.59 in May 2023 to N1,285.41 in June 2023, the National Bureau of Statistics (NBS) has said. In its Transport Fare Watch of June 2023 posted on its website, the NBS stated that on a year-on-year basis, it rose by 120.63% from N582.61 in June 2022. Analysts have attributed the astronomical increase to fuel pump price hike following the removal of fuel subsidy by President Bola Ahmed Tinubu. Transport Fare Watch for June 2023 covers the following categories: bus journey within the city per drop constant route; bus journey intercity (state route) charge per person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and water way passenger transport. In another category, the average fare paid by commuters for bus journey intercity per drop rose to N5,686.49 in June 2023, indicating an increase of 42.09% on a month-on-month basis compared to N4,002.16 in May 2023. “On a year-on-year basis, the fare rose by 55.25% from N3,662.87 in June 2022. In air travel, the average fare paid by air passengers for specified routes’ single journey increased by 4.93% from N74,948.78 in May 2023 to N78,640.54 in June 2023. On a year-on-year basis, the fare rose by 40.22% from N56,082.64 in June 2022. “The average transport fare paid on Okada transportation was N618.52 in June 2023 which was 33.14% higher than the rate recorded in May 2023 (N464.55),” the statistics bureau stated. On a year-on-year basis, the fare rose by 48.34 percent when compared with June 2022 (N416.97). For water transport (waterway passenger transportation), the average fare paid in June 2023 increased to N1,366.22 from N1,045.15 in May 2023. On a year-on-year basis, it increased by 44.84% from N943.26 in June 2022

No plans to increase petrol price to N700/litre – IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said they have no intention of further increasing the pump price of petrol. According to the Chairman of IPMAN Southwest Zone, Alhaji Dele Tajudeen, Nigerians should disregard reports making the rounds that the Association plans to increase the price of petrol to N700 per litre. President Bola Ahmed Tinubu had on May 29, told Nigerians that the era of subsidy was gone. Speaking Friday in Ibadan, Tajudeen urged Nigerians to disregard the reports and stop engaging in panic buying insisting that there is no plan to increase the price above the price it is being sold at the moment.   “Even in the PIA, it has been clearly stated that the subsidy must be removed, so, I want to commend him for removing the subsidy and I want to say that we are in total support totally. This is because the subsidy was a scam.” He said the slight increase in pump price was because of the transportation cost and that Nigerians should be at rest as the commodity will not be out of reach for the masses. “I want to disabuse the mind of the people that they should not panic about it, there is no cause for alarm, we are in control and there is nothing like that. “So, people should be rest assured that there is no way they can buy petrol more than the price it is being sold now. “If we look at the price from NNPC retail limited, which is an integral part of NNPC limited, they have more advantages than independent marketers and major marketers. ”So, it was the retail price that they announced they had never given a specific price to the independent marketers. “However, I have read what somebody put into the paper, it is just speculation, it is not a reality. Nothing like that I want to assure the masses. “There is no way the price can go to N700 as we speak, because even if the FX is N700 or N800 that has not nothing to take the price of petroleum from N500 to N700,” Tajudeen said. He noted that the product had been deregulated, hence the differential in prices was due to transportation as it is related to location. ”If you are moving products within Lagos the price may not be more than N300,000 but if you are moving up to Ibadan or there about it could be as much as N500,000. ”And if you are going to Ilorin, it could be as high as N700,000 that would account for the difference in prices. “I want to say with all sense of authority that as of today within Lagos metropolis nobody should sell more than N515 to N520 per litre. ”Though NNPC has given us the price, the reality of it is that what we buy from the market; because NNPC limited is not the only source for our product, we get it from private depots. “So, whatever we buy is what we put on our own margin and sell. ”But as of today, the highest you can get anywhere should be around N550; Lagos N510 per litre; Ogun State between N500 and N520,” Tajudeen said.

Q1 2023: FG rakes in N709.59bn VAT

Nigeria’s aggregate Value Added Tax (VAT) for Q1 2023 has been reported at N709.59 billion, the National Bureau of Statistics (NBS), has said.  According to the NBS Value Added Tax report for Q1, 2023, a growth rate of 1.75 percent on a quarter-on-quarter basis from N697.38 billion in Q4 2022. Local payments recorded were N436.10 billion, Foreign VAT payments were N151.13 billion, while import VAT contributed N122.37 billion in Q1 2023. On a quarter-on-quarter basis, the activities of households as employers, undifferentiated goods- and services producing activities of households for own use recorded the highest growth rate with 349.86%, followed by construction with 95.64%. On the other hand, the report noted that activities of extraterritorial organizations and bodies had the lowest growth rate with–53.54%, followed by real estate activities with– 47.01%. In terms of sectoral contributions, the top three largest shares in Q1 2023 were manufacturing with 29.65%; information and communication with 19.29%; and mining & quarrying with 12.24%. The report said: “Conversely, activities of extraterritorial organizations and bodies recorded the least share with 0.02%, followed by activities of households as employers, undifferentiated goods- and services-producing activities of households for own use with 0.03%; and water supply, sewerage, waste management, and remediation activities with 0.04%.” However, on a year-on-year basis, VAT collections in Q1 2023 increased by 20.56% from Q1 2022.  Similarly, aggregate Company Income Tax (CIT) for the first quarter of 2023 was reported at N469.01 billion, indicating a growth rate of -37.79% on a quarter-on-quarter basis from N753.88 billion in Q4 2022. According to the NBS, local payments received were N300.78 billion, while Foreign CIT payment contributed N168.23 billion in Q1 2023. On a quarter-on-quarter basis, the financial and insurance activities recorded the highest growth rate with 50.42 per cent, followed by construction with 42.32 per cent. “On the other hand, water supply, sewerage, waste management, and  activities had the lowest growth rate with – 69.38%, followed by other service activities with -60.13%. In terms of sectoral contributions, the top three largest shares in Q1 2023 were financial & insurance activities with 22.94%; manufacturing with 20.91%; and information and communication with 11.89%. “Conversely, the activities of households as employers, undifferentiated goods-and services-producing activities of households for own use recorded the least share with 0.01%, followed by water supply, sewerage, waste management, and remediation activities with 0.04%; and activities of extraterritorial organizations and bodies with 0.12%. “However, on a year-on-year basis, CIT collections in Q1 2023 decreased by 14.96% from Q1 2022,” the NBS stated.