Lawmakers Urge FG to Reverse Fuel Price Hike, Stabilise Energy Costs

0
29

The House of Representatives has called on the Federal Government to reverse the recent hike in petrol prices and implement measures to stabilise fuel and cooking gas costs. In a motion led by House Minority Leader Rep. Kingsley Chinda and supported by 111 other lawmakers, the House urged for targeted interventions, including temporary price relief, tax reductions, or subsidies on liquefied petroleum gas (LPG) for low-income households.

The House also called on the Nigerian National Petroleum Corporation (NNPC) and the Ministry of Petroleum Resources to expedite the repair of domestic refineries and boost local refining capacity to reduce dependence on imported fuel.

In addition, the lawmakers urged the Central Bank of Nigeria (CBN) to implement monetary policies that could mitigate the inflationary impact of rising fuel prices on essential goods and services.

Debating the motion, Rep. Aliyu Madaki, Deputy Minority Leader, expressed concern over the skyrocketing prices of petrol and cooking gas, which have worsened the financial burden on ordinary Nigerians and exacerbated the cost of living. He attributed the price hike to the removal of fuel subsidies, global oil price fluctuations, and the naira’s depreciation.

The House of Representatives has called on the Federal Government to reverse the recent hike in petrol prices and implement measures to stabilise fuel and cooking gas costs. In a motion led by House Minority Leader Rep. Kingsley Chinda and supported by 111 other lawmakers, the House urged for targeted interventions, including temporary price relief, tax reductions, or subsidies on liquefied petroleum gas (LPG) for low-income households.

Madaki warned that rising fuel costs are driving up transportation, food, and healthcare expenses, further worsening inflation and threatening the livelihoods of millions of Nigerians. Small and medium-sized enterprises (SMEs) are also facing increased operational costs, posing a risk to economic stability and job security.

The lawmakers stressed the importance of exploring alternative energy sources and diversifying the country’s energy mix to reduce reliance on petrol and gas. They encouraged state governments to adopt policies that alleviate the financial burden on citizens, such as tax waivers on transportation and goods affected by high fuel prices.

The House also mandated an ad-hoc committee to investigate the fuel price hikes and report back within two weeks for further legislative action.

Leave a reply

Please enter your comment!
Please enter your name here