The Minority caucus of the House of Representatives has called for the immediate reversal of the recent increase in petrol prices, stating that the move will intensify the hardship already faced by millions of Nigerians.
In a statement released on Thursday, Minority Leader Kingsley Chinda criticized the unilateral decision to raise the price of Premium Motor Spirit (PMS), saying it undermines principles of transparency, accountability, and fairness that should govern actions affecting citizens’ livelihoods.
The statement, titled “Reverse Petrol Prices Now,” urged President Bola Tinubu’s administration to implement urgent measures that address the link between worsening economic conditions and growing social unrest. It warned that the price hike would further compound the challenges faced by Nigerians, including inflation, unemployment, and a deteriorating currency.
“At a time when the nation is grappling with unprecedented economic challenges, including rising inflation, unemployment, and the depreciating value of the Naira, any further increase in the price of petrol will only exacerbate the suffering of the average Nigerian,” the statement read.
Chinda emphasized the far-reaching consequences of the price hike, highlighting how it will significantly impact the cost of transportation, food, and essential services. He noted that the erosion of purchasing power would push more families into poverty, further deepening economic inequality.
The caucus expressed concerns over the decision-making process, criticizing the Nigeria National Petroleum Corporation (NNPC) for taking unilateral action without consulting relevant stakeholders, including the National Assembly. The statement condemned this disregard for transparency and accountability, especially at a time when the nation faces widespread protests fueled by economic hardships.
“These hardships have understandably triggered widespread protests, as people demand relief and accountability from those in power. The resulting unrest and chaos serve as stark reminders that economic instability can quickly escalate into broader social and political instability,” the statement warned.
The caucus called on the government to learn from the destructive effects of previous protests against bad governance and the deteriorating economic conditions. Chinda urged President Tinubu to address the root causes of unrest rather than worsen them through policies that further strain citizens’ livelihoods.
In closing, the Minority caucus urged the Federal Government to reverse the petrol price increase and adopt more sustainable measures to stabilize the economy without placing an additional burden on Nigerians.