The Minority Caucus of Nigeria’s House of Representatives has taken a firm stance against the recent increase in fuel prices announced by the Nigerian National Petroleum Company Limited (NNPCL). This move has been strongly criticized by the caucus, which is calling on the Federal Government to immediately reverse the price hike. According to the caucus, this decision is not only poorly timed but also fails to consider the severe economic difficulties currently facing Nigerians.

Kingsley Chinda, the Minority Leader of the House of Representatives, articulated the caucus’s concerns in a statement early Thursday. He argued that the recent fuel price hike exacerbates an already dire economic situation. Nigerians are struggling with high inflation rates, significant unemployment, and the continuous devaluation of the Naira. The increase in fuel prices, Chinda warned, will further weaken the purchasing power of millions, pushing more families deeper into poverty.

Chinda expressed frustration that the NNPCL implemented this decision without adequate consultation with key stakeholders, including the National Assembly, which is supposed to represent the interests of the people. This lack of transparency and the unilateral nature of the decision are seen as a disregard for fairness and accountability.

The caucus highlighted several potential negative impacts of the fuel price hike. They warned that rising fuel costs will lead to increased transportation expenses, which in turn will drive up the prices of food and other essential goods. This chain reaction could place even more financial strain on Nigerian households and contribute to social unrest.

The statement also underscored the possibility of widespread protests, drawing on past instances where economic hardship led to significant public demonstrations. Chinda stressed that economic instability can quickly escalate into broader social and political issues if not addressed effectively.

The Minority Caucus is urging the Federal Government to explore more sustainable and effective measures to stabilize the economy without placing additional burdens on the citizens. They recommend focusing on several key areas:

Improving and upgrading local refineries could help reduce dependency on imported fuel and stabilize domestic fuel prices.

Addressing corruption within the petroleum sector to ensure that fuel subsidies and other benefits genuinely reach ordinary Nigerians rather than a select few

Implementing policies with clear and transparent processes to build trust and ensure fair treatment of all stakeholders.

The Minority Caucus remains committed to advocating for policies that prioritize the welfare of Nigerian citizens. They are calling on President Tinubu’s administration to heed the concerns of the people and take immediate action to reverse the fuel price hike. By addressing the root causes of economic challenges and adopting more sustainable measures, the government can help prevent further economic and social instability.

The caucus’s stance reflects a broader concern about the impact of economic policies on everyday Nigerians and a demand for more responsible and inclusive decision-making by the government.