Despite the rising cost of living spreading rapidly across the country, Nigerians paid 24% more for one litre of Premium Motor Spirit or petrol in September.
According to the World Bank’s latest report on Nigeria, 129 million Nigerians currently live below the poverty line.
The Nigeria Development Update report, released on Thursday in Abuja, highlighted that this figure represents a significant increase from 40.1% in 2018 to 56% in 2024.
The World Bank report stated, “With growth proving too slow to outpace inflation, poverty has risen sharply. Since 2018, the share of Nigerians living below the national poverty line is estimated to have risen sharply from 40.1% to 56.0%.
“Combined with population growth, this means that some 129 million Nigerians are living in poverty. This stark increase partly reflects Nigeria’s beleaguered growth record. Real GDP per capita has not recovered to the level it was at prior to the oil price-induced recession in 2016.”
Building on the World Bank report, the National Bureau of Statistics in its newly released Premium Motor Spirit (Petrol) Price Watch for September 2024 noted that the average retail price paid by consumers for PMS in September 2024 was N1030.46, indicating a 64.55% increase compared to September 2023 (N626.21).
Likewise, comparing the average price value with the previous month (.i.e. August 2024), the average retail price increased by 24.08% from N830.46.
On state profile analysis, Katsina State had the highest average retail price at N1096.15.
Ebonyi and Akwa Ibom States were next, with N1090.94 and N1085.71, respectively.
Conversely, Yobe, Sokoto, and Kebbi States had the lowest average retail prices at N939.38, N961.67, and N986.67 respectively.
Lastly, on the Zonal profile, the North-West Zone had the highest average retail price of N1036.52, while the North-East Zone had the lowest price of N1014.55.
The data collection for the report was conducted in sample outlets spread across 774 local government areas in all 36 states, and the FCT, Abuja.
