The House of Representatives has issued a strong warning to President Bola Tinubu, stating that he cannot unilaterally impose decisions on Nigerians.
The lawmakers are demanding an immediate reversal of the recent fuel price hike, citing the economic hardship and inflationary pressures caused by the increase. This comes amidst growing concerns over the negative impact of rising fuel costs on the country’s economy.
In a motion led by Deputy Minority Leader Aliyu Madaki and backed by 111 members, the House called for an immediate reversal of the increased prices for petrol and cooking gas, citing concerns over the economic hardship the hikes are causing Nigerians and the threat to job security.
The lawmakers also urged the Nigerian National Petroleum Company Limited (NNPCL) and the Ministry of Petroleum Resources to prioritize increasing local refining capacity. In addition, they called on the Central Bank of Nigeria (CBN) to implement monetary policies aimed at cushioning the inflationary impact of rising fuel prices.
Their intervention comes as the World Bank, in its October edition of the Africa’s Pulse report, warned that further increases in petrol prices could undermine the benefits of subsidy removal. The report highlighted that although the inflationary pressures from the weakening naira and the removal of petrol subsidies earlier in 2023 had begun to ease, a recent 40-45% fuel price hike in September could reverse that trend.
Since President Bola Tinubu officially ended petrol subsidies in May 2023, fuel prices have surged from N175 per litre to over N1000 per litre nationwide. Additionally, the cost of cooking gas has risen sharply, with a recent market survey showing the price of 1kg of cooking gas at N1500.
