The recent rise in fuel prices by the Nigerian National Petroleum Company Limited (NNPCL) has been vehemently opposed by the Minority Caucus of the House of Representatives. The caucus has strongly urged the Federal Government to promptly reverse this increase. They have criticized the timing of the decision, stating that it demonstrates a lack of sensitivity to the challenging economic circumstances being faced by Nigerians nationwide.
In a statement released on Thursday, Minority Leader of the House of Representatives, Kingsley Chinda, emphasized that the fuel price hike is likely to further diminish the already fragile purchasing power of millions of citizens, potentially driving more families into poverty. He highlighted the inopportune nature of the decision, particularly during a period when the nation is grappling with severe economic challenges such as escalating inflation, mounting unemployment, and the devaluation of the Naira. China cautioned that any additional surge in petrol prices would exacerbate the plight of the average Nigerian.
Expressing deep concern, the caucus remarked that the NNPC's decision appeared to have been made without sufficient consultation with pertinent stakeholders, including the National Assembly, which represents the interests of the populace.
The caucus has urged the federal government to explore and implement more sustainable measures to stabilize the economy without adding extra burdens on the people. They have underscored that the repercussions of such an increase will be extensive, impacting the costs of transportation, food, and other essential commodities and services.
Additionally, the caucus emphasized the importance of adhering to principles of transparency, accountability, and fairness in decisions that affect the lives of citizens. They stressed that the present precarious economic conditions, marked by rising unemployment, soaring inflation, and widening inequality, have placed immense pressure on the livelihoods of citizens. This has led to widespread protests, as people demand relief and accountability from those in power.
The caucus emphasized the need for all stakeholders, including the government, businesses, and civil society, to collaboratively address these economic challenges and restore stability. They urged the government to swiftly address the link between dire economic conditions and social unrest instead of worsening the situation. The caucus cautioned that the failure to do so may offer justifications for unemployed youths to take to the streets and unleash violence.
The caucus called on the Federal Government to urgently intervene and reverse the unwarranted increase in petrol prices. They also urged the government to prioritize the refurbishment and enhancement of local refineries, tackle corruption within the petroleum sector, and ensure that subsidies genuinely benefit the masses rather than a privileged few.
The Minority Caucus declared its solidarity with the Nigerian people in opposing the petrol price hike and reaffirmed its commitment to advocating for policies that prioritize the welfare and well-being of all citizens. They urged the government to heed the voice of the people and take immediate action to alleviate their suffering instead of exacerbating it.