The Minority Caucus of the House of Representatives has called for the immediate reversal of the recent petrol price increase, warning that it would exacerbate the already dire economic conditions faced by Nigerians.
In a statement released on Thursday, the Minority Leader, Kingsley Chinda, emphasized that the unilateral decision to raise the price of Premium Motor Spirit (PMS) lacked transparency, accountability, and fairness—key principles that should guide policies affecting citizens’ lives.
Titled “Reverse Petrol Prices Now,” the statement urged President Bola Tinubu to implement urgent measures to address the economic crisis and prevent further social unrest. Chinda highlighted the link between harsh economic conditions and rising public discontent, cautioning that further hikes would intensify the suffering of the populace.
“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 statement read.
Chinda pointed out that the ripple effects of the price hike would lead to increases in the cost of transportation, food, and other essential goods, worsening the already fragile purchasing power of millions of Nigerians and pushing more families into poverty.
The Minority Caucus expressed concern that the Nigerian National Petroleum Corporation (NNPC) made this decision without consulting relevant stakeholders, including the National Assembly. This lack of consultation, Chinda argued, showed a disregard for the people’s interests during a time of severe economic hardship, marked by rising unemployment, soaring inflation, and widening inequality.
The statement also warned of the potential for widespread social unrest, noting that protests against economic mismanagement have already erupted in various parts of the country. “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.”
Chinda urged all stakeholders—government, businesses, and civil society—to work together to address the economic crisis before the situation deteriorates further. He cautioned the government to avoid decisions that worsen conditions, which may drive frustrated, unemployed youths back to the streets, escalating violence and unrest.
“The government must learn lessons from the destructive effects of past national protests against bad governance, triggered by depressing and excruciating economic conditions,” Chinda added.
The Minority Caucus called on the Federal Government to immediately reverse the petrol price hike and adopt more sustainable measures to stabilize the economy without imposing further hardship on the people.
