News
Nigerians groan over effects of 7.5% VAT on petrol prices
Nigerians have begun to lament the effects of the introduction of a 7.5 per cent Value-Added Tax on the price of premium motor spirit, otherwise known as petrol.
This comes barely a month after President Bola Tinubu removed the subsidy on petrol during his inaugural speech on May 29, raising the price of PMS from N188 to about N580 in different states of the federation.
Recall that the Minister of Finance, Budget and National Planning, Zainab Ahmed, announced that the Finance Act 2020 raised the previous 5 per cent VAT of the country to 7.5 per cent on commodities including automobile gas oil and it was implemented on February 20, 2020.
But the VAT-exempt items include honey, bread, cereals, cooking oils, culinary herbs, fish, flour, starch, fruits, meat, poultry, milk, nuts, pulses, roots, salt, vegetables, water, sanitary pads, tampons, tertiary, secondary, primary and nursery tuition.
While other commodities have been VAT-compliant, PMS was not until recently because it was being subsidised by the Federal Government.
However, the new development has hit Nigerians hard, as many have called for an utmost review of it, especially because of the recent removal of fuel subsidies.
See reactions below:
A user, Ingawa said, “That means for every litre of AGO you will buy, you have to pay 7.5% Consumer Tax (VAT) of the Pump Price. For example; If 1 litre of AGO is N650 at the filling station, then you have to pay an additional N48.75 being payment for 7.5% VAT. The total price per litre will be N698.75 per litre.”
Another user, Angry Non-Nigerian, said, “When Tinubu said ‘widen the tax net, you people thought he was joking. The only thing that man knows is tax, tax and tax. As Lagosians.”
One Oyo said, “The Citizens will be the main IGR for this government. There is no single move to cut the cost of government from the Senate to the House to other departments. They went to education first by trying to add tuition fees, now 7.5% VAT on PMS. Everything directly to the common man.”
Akwa Ibom 1st son opined, “So after the removal of subsidy and the price of fuel jumped to 530, they’ve now decided to add 7.5%. VAT on AGO. In all of these, what are the politicians losing, and what are they sacrificing?”
“7.5% VAT on diesel after subsidy on petrol was removed? They will show you people shege banza pro max air 2. The government is after our lives bro!.
“Even those that were shouting ‘Akanbi’ will not be left out. They might even end up being the most affected. The evil will go round. I swear!
“Good governance is not attained by wishful thoughts, things don’t work that way. Now, Tinubu is going for a check-up after ruining the economy with senseless policies.
“His supporters have been crying since last week because the pressure is going around. We must all learn a lesson,” Madu Obi wrote.
In a somber development for Nigeria’s journalism community, Yakubu Mohammed, a co-founder of the iconic Newswatch magazine and its former deputy chief executive officer, has died at the age of 75.
Mohammed’s passing, announced recently, follows closely on the heels of the death of his longtime colleague and fellow co-founder, Dan Agbese, who succumbed to a prolonged illness on November 17, 2025, at age 81.
This marks yet another significant loss among the pioneering generation that launched Newswatch in 1984, revolutionizing investigative journalism in Nigeria.
Alongside Dan Agbese, Ray Ekpu, and the late Dele Giwa (who was tragically assassinated via a parcel bomb in 1986), Mohammed helped establish Newswatch as a trailblazing weekly newsmagazine known for its bold, fearless reporting and commitment to truth during a turbulent era in Nigerian history.
Reports indicate that Mohammed had been battling an undisclosed ailment before his death. Just months prior, in October 2025, he released his memoir, Beyond Expectations, which provides deep insights into the magazine’s founding, its challenges, and its enduring impact on Nigerian media.
The deaths of Agbese and now Mohammed represent profound blows to the legacy of Newswatch, which set new standards for ethical, investigative, and interpretative journalism in the country.
Tributes are expected to pour in from media practitioners, political leaders, and the public as the nation mourns another pillar of its press freedom movement. May his soul rest in perfect peace.
News
U.S. delivers ‘critical military assets’ to battle terrorists, bandits
Nigeria’s Chief of Air Staff, Air Marshal Sunday Aneke, visited the U.S. to quicken the process for the supply of 12 AH-1Z fighter jets by Bell Textron of California.AH-1Z, a modern attack helicopter, is equipped with advanced sensors and precision-guided weapons with night-fighting capabilities.
The US Africa Command (AFRICOM), has confirmed the delivery of critical military supplies to Nigeria to support the ongoing security operations against terrorists and other non-state actors.
“This delivery supports Nigeria’s ongoing operations and emphasises our shared security partnership,” said AFRICOM on its official X account yesterday.
AFRICOM, however, did not name the “critical military” tools.
Nigeria’s Chief of Air Staff, Air Marshal Sunday Aneke, visited the U.S. to quicken the process for the supply of 12 AH-1Z fighter jets by Bell Textron of California.AH-1Z, a modern attack helicopter, is equipped with advanced sensors and precision-guided weapons with night-fighting capabilities.
The supply of the critical military tools came after Washington launched deadly strikes on terrorists in the Northwest on December 24.
News
World Bank projects Nigeria’s urban population to reach 264m by 2050
According to the report entitled ‘Multi-sector analytical review and pathway to transformation’, Nigeria’s urban population has grown exponentially over the last 65 years – from just under seven million in 1960 to over 128 million in 2024, with nearly half the urban population living in slums.
• Lagos Business District
The World Bank says that people living in Nigerian cities will over the next 25 years reach 264 million from the current 140.3 million people.
The Bank made the projection in its Global Economic Prospects report, released yesterday, also forecasts that the Nigerian economy will grow by 4.4 percent in 2026 and maintain that pace in 2027.
In the report, Nigeria is expected to be the third most populous country in the world, after China and India
According to the report entitled ‘Multi-sector analytical review and pathway to transformation’, Nigeria’s urban population has grown exponentially over the last 65 years – from just under seven million in 1960 to over 128 million in 2024, with nearly half the urban population living in slums.
It is projected that 70 percent of the population will live in urban areas by 2050, with cities at the centre of the country’s economic future.
BREAKING: Another Newswatch Magazine Co-Founder Passes Away – Yakubu Mohammed Dies at 75
U.S. delivers ‘critical military assets’ to battle terrorists, bandits
World Bank projects Nigeria’s urban population to reach 264m by 2050
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