In a decisive move aimed at addressing the escalating financial burden faced by ordinary Nigerians, the House of Representatives has called upon the Federal Government to immediately reverse the recent hikes in the prices of petrol and cooking gas. This urgent request was made during a plenary session led by Deputy Minority Leader Aliyu Madaki, with support from 111 members of the House.
The lawmakers expressed deep concern over the significant impact of these price increases on the livelihoods of millions of Nigerians. The recent removal of fuel subsidies and subsequent price surges have exacerbated inflation, threatening job security and pushing many families deeper into poverty. A recent market survey indicates that the price of cooking gas has soared to approximately N1500 per kilogram, while petrol prices have skyrocketed from N175 to over N1000 per litre since subsidy removal in May 2023.
Madaki emphasized that these developments not only affect household budgets but also threaten the stability of small and medium-sized enterprises (SMEs) across the nation.
"The rising cost of petrol and cooking gas poses a significant threat to the livelihood of millions of Nigerians," he stated. "Unchecked inflationary pressure caused by increased prices can lead to social unrest and negative long-term economic effects."
The House has urged the Nigerian National Petroleum Corporation Limited (NNPCL) and the Ministry of Petroleum Resources to enhance local refining capacity as an immediate measure to mitigate reliance on imported petroleum products.
Additionally, lawmakers are calling for targeted interventions such as temporary price relief measures, tax reductions, or subsidies on liquefied petroleum gas (LPG) specifically for low-income households.
In light of these challenges, the House also called on the Central Bank of Nigeria (CBN) to implement monetary policies that would alleviate the adverse effects of fuel price hikes on inflation, particularly concerning essential goods and services.
The Speaker of the House, Tajudeen Abbas, has mandated the Committees on Petroleum Downstream and Legislative Compliance to ensure compliance with these resolutions and report back within two weeks for further legislative action.