The Minority Caucus of the House of Representatives is urging an immediate rollback of the recent petrol price hike, asserting that it will exacerbate the hardships faced by Nigerians.
In a statement released on Thursday, the caucus criticized the increase of Premium Motor Spirit prices as a unilateral decision that overlooks vital principles of transparency, accountability, and fairness that should govern actions affecting citizens’ lives.
The call to action, articulated by the Minority Leader, emphasized the need for the president to implement urgent measures addressing the link between severe economic conditions and social unrest, rather than perpetuating a cycle of hardship for the populace.
The statement highlighted that with the nation facing soaring inflation, high unemployment, and a declining Naira, any further increase in petrol prices would intensify the suffering of the average Nigerian.
The ripple effects of this price increase are significant, as they will elevate transportation costs and the prices of essential goods and services, further diminishing the already fragile purchasing power of millions and pushing more families into poverty.
The Minority Caucus expressed concern that this decision by the state oil corporation was made without proper consultation with key stakeholders, including the National Assembly, which represents the interests of the people. This lack of consultation raises alarms about transparency and fairness, particularly amidst the current economic turmoil marked by rising unemployment, inflation, and growing inequalities.
These economic hardships have sparked widespread protests as citizens demand accountability from leadership. The unrest serves as a potent reminder that economic instability can trigger broader social and political crises.
The caucus stressed the importance of collaboration among government, businesses, and civil society in tackling these economic issues and restoring stability. It urged the government to act swiftly to address the connection between economic distress and social unrest, warning that failure to do so may lead to further unrest as unemployed youth take to the streets in protest.
The statement concluded with a call for the Federal Government to intervene and reverse the petrol price increase while exploring sustainable measures to stabilize the economy without further burdening the populace.
