The House of Representatives has called on the federal government to reverse the recent hike in petrol and cooking gas prices.
During Wednesday’s plenary session, the lower legislative chamber passed the resolution after adopting a motion co-sponsored by Kingsley Chinda, Minority Leader, Aliyu Madaki, Deputy Minority Leader, and 109 other lawmakers.
The motion was triggered by the Nigerian National Petroleum Company (NNPC) Limited’s price increase on October 9 across its retail outlets nationwide. While moving the motion, Madaki expressed concern over the skyrocketing prices of petrol and cooking gas, which have imposed an unsustainable financial burden on ordinary Nigerians.
He attributed the rise in prices to the removal of fuel subsidies, global oil price volatility, and the naira’s depreciation. Madaki highlighted that these factors have led to higher transportation, food, and healthcare costs, further plunging many households into financial hardship.
“Businesses, particularly small and medium-sized enterprises (SMEs) are struggling to manage their operational costs due to increased fuel prices, threatening economic stability and job security,” Madaki noted.
He also criticised the federal government’s efforts to repair domestic refineries, stating that they have yet to deliver significant relief in addressing the petrol crisis.
Madaki warned that the unchecked inflationary pressures caused by the rising prices of essential goods could lead to social unrest, increased poverty, and a long-term negative impact on the nation’s economy.
He stressed that without urgent action, Nigeria could “go into an economic crisis leading to negative outcomes like increased crime rate and mortality rate.”
Follow us on:
