The Minority Caucus of the House of Representatives has vehemently condemned the recent announcement by the Nigerian National Petroleum Corporation Limited (NNPCL) to increase the price of petrol.
The NNPCL on Tuesday increased the pump price of petrol from ₦568 to ₦855, ₦897 (depending on the location per litre) amid lingering fuel scarcity in the country.
The newly increased price came after NNPCL admitted that it owed its suppliers more than $6bn in debt.
Reacting a statement signed by the Minority Leader, Hon. Kingsley Chinda, on Thursday, the Reps Minority Caucus said this development is not only ill-timed but also grossly insensitive to the harsh economic conditions currently being experienced by Nigerians across the country.
The caucus called on the Federal Government to urgently intervene and reverse what it called unwarranted increase in petrol prices.
The statement added, “At a time when the nation is grappling with unprecedented economic challenges, including rising inflation, unemployment, and the depreciating value of the Naira, any further increase in the price of petrol will only exacerbate the suffering of the average Nigerian.
“The ripple effects of such an increase are far-reaching, impacting the cost of transportation, food, and other essential goods and services. This will ultimately erode the already fragile purchasing power of millions of our citizens, pushing more families into poverty.
“The Minority Caucus is deeply concerned that this decision by the NNPC appears to have been made without adequate consultation with relevant stakeholders, including the National Assembly, which represents the interests of the people.
“This unilateral action disregards the principles of transparency, accountability, and fairness, which should guide decisions affecting the lives of the citizenry. The current dire economic conditions, characterized by rising unemployment, soaring inflation, and widening inequality, have placed immense pressure on the livelihoods of citizens.
“These hardships have understandably triggered widespread protests, as people demand relief and accountability from those in power. The resulting unrest and chaos serve as stark reminders that economic instability can quickly escalate into broader social and political instability.
“While it is crucial for all stakeholders, including government, businesses, and civil society, to work collaboratively to address these economic challenges and restore stability, before the situation deteriorates further, Tinubu’s government should as a matter of urgency address the connection between dire economic conditions and social unrest rather than create conditions that exacerbate the already dire economic conditions.
“Not doing so merely provides filips to the army of youths who are jobless to return to occupy the streets and unleash violence on our country. This government must learn lessons from destructive effects of the national protests against bad governance, triggered by depressing and excruciating economic conditions.
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