The House of Representatives has urged the federal government to reverse the recent increases in fuel and cooking gas prices, calling for immediate action to stabilize costs for Nigerian citizens.
In a motion of urgent public importance, presented by the Minority Leader, Hon. Kingsley Chinda (PDP, Rivers), and supported by over 110 members, the House emphasized the pressing need for the government to implement targeted interventions.
During a plenary session, representatives highlighted the growing burden of rising fuel prices on low-income households and the broader implications for inflation, particularly concerning essential goods and services.
They proposed several measures, including temporary price relief initiatives, tax reductions, and subsidies for Liquefied Petroleum Gas (LPG) to support vulnerable populations.
In addition, the House called on the Nigerian National Petroleum Company Limited (NNPCL) and the Ministry of Petroleum Resources to expedite the repair and maintenance of domestic refineries.
This step is deemed essential for increasing local refining capacity and reducing the country’s reliance on imported refined petroleum products. By enhancing local production, the government aims to stabilize prices and improve energy security.
The representatives also urged the Central Bank of Nigeria (CBN) to adopt monetary policies designed to mitigate the adverse effects of the recent fuel price hikes on inflation. Such policies would be critical in shielding consumers from the escalating costs of living and ensuring that essential goods remain accessible.
The call for action follows significant public concern regarding the impact of fuel and cooking gas price increases on daily life. The House’s resolution reflects a broader sentiment among Nigerians, who are grappling with rising costs amid economic challenges.
As discussions continue, the House remains committed to advocating for measures that will alleviate the financial strain on households and foster a more stable economic environment in Nigeria.
