The Iran war: oil windfall and the people’s burden
The chest freezer in a frozen foods shop at Sabon Gari market in Kano stopped running at night in March. Alima, its owner, did not experience this as an economic event. The post The Iran war: oil windfall and the people’s burden appeared first on Nairametrics .
In March, a frozen foods shop at Sabon Gari market in Kano experienced a generator failure due to rising diesel prices. The owner, Alima, calculated the arithmetic of buying diesel against her dwindling fish stock and switched the generator off. Her diesel bill fell, but her stock halved. Americans were told about $131.4 billion extra spending on petrol and diesel, but the Nigerian equivalent costs Nigeria's citizens ₦6.69 trillion more at the pump and brings the government ₦13.67 trillion.
Petrol prices rose 46.2%, diesel 71%, and cooking gas 31.7%. Over the 226 days from March 1 to October 12, Nigerians paid ₦4.31 trillion for petrol, ₦2.03 trillion for diesel, and ₦346 billion for cooking gas. The war also increased Nigeria's oil export earnings by ₦13.67 trillion.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
