Pump price hike now dominates deliberations from Federal lawmakers. They want action and not promises. FG must reverse recent increments, they argue.
The House of Representatives wants the Federal Government to reverse the recent pump price hike. The members want immediate action to stabilize petrol and cooking gas prices, too.
The lawmakers proposed targeted interventions like temporary price relief measures, tax reductions, or subsidies on LPG for low-income households.
The House also appealed to the Nigerian National Petroleum Corporation (NNPC) and the Ministry of Petroleum Resources. It urged these agencies to expedite repairs and maintenance of domestic refineries. Increasing local refining capacity could reduce reliance on imported refined petroleum products, it said.
Economic concerns over pump price hike
Furthermore, lawmakers urged the Central Bank of Nigeria (CBN) to implement monetary policies. These policies should mitigate the adverse effects of fuel price hikes on inflation. This is particularly important for essential goods and services.
These resolutions followed a motion of urgent public importance. The motion addressed the need to suspend the increased cost of petrol and cooking gas. It was moved by House Minority Leader Rep. Kingsley Chinda and 111 other lawmakers.
During the debate, Deputy Minority Leader Rep. Aliyu Madaki expressed concerns. He noted that Nigeria, as an oil-producing nation, relies heavily on petroleum products. Petrol and cooking gas (LPG) are essential for both domestic and industrial purposes.
Rising prices impacting Nigerians
Madaki pointed out that prices for petrol and cooking gas have skyrocketed recently. This surge creates an unsustainable financial burden on ordinary Nigerians. It also exacerbates the cost of living.
He explained that removing fuel subsidies, along with global oil price volatility and naira depreciation, significantly contributes to rising costs. Madaki stated, “The escalating fuel and gas prices are impacting transportation, food, essential goods, and healthcare.”
He warned that these rising costs push many families into deeper financial hardship. Additionally, small and medium-sized enterprises (SMEs) are struggling to manage operational costs due to increased fuel prices.
Need for urgent actions on pump price
Madaki acknowledged the government’s plans to repair domestic refineries. However, he emphasized that significant results have not yet materialized. He cautioned that the rising cost of petrol and cooking gas threatens the livelihoods of millions.
He noted that unchecked inflation can lead to social unrest and increased poverty rates. “Unless urgent steps are taken to control rising costs, the nation may face an economic crisis,” he stated.
The House unanimously adopted the motion urging the government to explore alternative energy sources. Diversifying the country’s energy mix could reduce reliance on petrol and gas. They also called for promoting renewable energy solutions that are more sustainable and affordable.
Recommendations for state governments
The federal lawmakers encouraged state governments to adopt policies that alleviate financial burdens. This includes waiving taxes or levies on transportation and goods affected by high fuel costs.
The House then mandated its special ad hoc committee to investigate the fuel price increase. They are to report back within two weeks for further legislative action.
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