The Minority Caucus of Nigeria’s House of Representatives has voiced strong opposition to the recent hike in fuel prices by the Nigerian National Petroleum Corporation (NNPC), demanding an immediate reversal. The Caucus described the price increase as ill-timed and insensitive, especially given the current economic challenges faced by Nigerians.
In a statement issued by the Caucus leader, Rep. O.K. Chinda, the group expressed concern over the unilateral decision made by the NNPC without adequate consultation with key stakeholders, including the National Assembly. The Caucus emphasized that this move undermines transparency, accountability, and fairness—principles that should guide decisions affecting the Nigerian populace.
The Caucus highlighted the far-reaching effects of the fuel price increase, warning that it would further exacerbate the harsh economic conditions already afflicting millions of Nigerians. With inflation rising, unemployment soaring, and the Naira weakening, the Minority Caucus argued that the fuel price hike would only worsen the situation by driving up the costs of transportation, food, and other essential goods.
This development is not only ill-timed but grossly insensitive," said Chinda. "The ripple effects will erode the purchasing power of the average Nigerian, pushing more families into poverty.
The Caucus also warned that worsening economic conditions could lead to increased social unrest, particularly among Nigeria's large youth population. They pointed to recent protests triggered by bad governance and economic hardship, cautioning that further increases in the cost of living could escalate tensions.
They urged the Tinubu administration to address the link between economic distress and social instability. "The government must learn from the past and avoid creating conditions that push jobless youth to occupy the streets in protest," the statement said.
In addition to demanding an immediate reversal of the price hike, the Minority Caucus called on the Federal Government to adopt more sustainable measures for stabilizing the economy. They proposed prioritizing the rehabilitation of local refineries, curbing corruption in the petroleum sector, and ensuring that subsidies genuinely benefit the masses rather than a privileged few.
"The government must explore solutions that do not impose additional burdens on the people," the Caucus stated, emphasizing the need for a fair and transparent approach to economic policy.
As the debate over fuel pricing continues, the Minority Caucus remains committed to defending the interests of Nigerians, calling on the government to take urgent action to alleviate economic hardships. In their view, addressing the root causes of Nigeria's economic challenges will not only restore stability but also prevent future unrest.
In conclusion, the Caucus urged for collaboration between the government, businesses, and civil society to mitigate the negative effects of the fuel price increase and restore economic stability. The current situation, they warned, could deteriorate further unless immediate corrective steps are taken.