The Minority Caucus of the House of Representatives has vehemently condemned the recent announcement by the Nigerian National Petroleum Corporation Limited (NNPCL) to increase the price of petrol.
The caucus called on the Federal Government to urgently intervene and reverse what it called unwarranted increase in petrol prices.
The NNPCL on Tuesday increased the pump price of petrol from ₦568 to ₦855, ₦897 (depending on the location per litre) amid lingering fuel scarcity in the country.
The newly increased price came after NNPCL admitted that it owed its suppliers more than $6bn in debt.
Reacting a statement signed by the Minority Leader, Hon. Kingsley Chinda, on Thursday, the Reps Minority Caucus said this development is not only ill-timed but also grossly insensitive to the harsh economic conditions currently being experienced by Nigerians across the country.
The caucus called on the Federal Government to urgently intervene and reverse what it called unwarranted increase in petrol prices.
The statement added, “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 ripple effects of such an increase are far-reaching, impacting the cost of transportation, food, and other essential goods and services. This will ultimately erode the already fragile purchasing power of millions of our citizens, pushing more families into poverty.
“The Minority Caucus is deeply concerned that this decision by the NNPC appears to have been made without adequate consultation with relevant stakeholders, including the National Assembly, which represents the interests of the people.
“This unilateral action disregards the principles of transparency, accountability, and fairness, which should guide decisions affecting the lives of the citizenry. The current dire economic conditions, characterized by rising unemployment, soaring inflation, and widening inequality, have placed immense pressure on the livelihoods of citizens.
“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.
“While it is crucial for all stakeholders, including government, businesses, and civil society, to work collaboratively to address these economic challenges and restore stability, before the situation deteriorates further, Tinubu’s government should as a matter of urgency address the connection between dire economic conditions and social unrest rather than create conditions that exacerbate the already dire economic conditions.
“We, therefore, call on the Federal Government to urgently intervene and reverse this unwarranted increase in petrol prices. We also urge the government to explore and implement more sustainable measures to stabilize the economy without placing an additional burden on the people.
“This includes prioritizing the rehabilitation and upgrading of our local refineries, curbing corruption within the petroleum sector, and ensuring that subsidies genuinely benefit the masses rather than a few privileged individuals.
The Minority Caucus stands with the Nigerian people in rejecting this petrol price hike and will continue to advocate for policies that prioritize the welfare and well-being of all citizens. We urge the government to listen to the voice of the people and take immediate steps to alleviate their suffering, rather than aggravate it.”
The increase in petrol price has also attracted condemnation from the organised labour, with both the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) calling for its reversal.
They said the increase will worsen the misery of Nigerian workers and other Nigerians.
Condemning the move in a statement, NLC President, Joe Ajaero, accused the Federal Government of betraying labour movement.
TUC President, Comrade Festus Osifo, called on the Federal Government to “immediately rescind these decisions, promote policies that will strengthen the naira, and take decisive steps to alleviate the suffering of Nigerians.”
He said that the sudden hike “implemented without consultation with critical stakeholders,” represented a blatant disregard for the welfare of the Nigerian people, particularly the working class who bear the brunt of such decisions.
Main opposition party, the Peoples Democratic Party also condemned the hike and asked the Federal Government to reverse it. It described the hike as a brutal assault on the sensibility of Nigerians.
