Fuel Hike: Tinubu Exacerbating Already Dire Economy – Reps

The Minority caucus of the House Of Representatives has called for the immediate reversal of the recent increase in prices of petrol.

The caucus noted that the hike will no doubt increase the suffering of the Nigerians.

In a statement on Thursday, the caucus said the unilateral action of increasing the price of Premium Motor Spirit disregards the principles of transparency, accountability, and fairness, which should guide decisions affecting the lives of the citizenry.

The statement by the Minority Leader, Kingsley Chinda, titled “reverse petrol prices now”, asked the President to immediately put in place urgent measures to address the connection between dire economic conditions and social unrest rather than create conditions that exacerbate the already dire economic conditions.

The statement reads: “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 ripple effects of such an increase are far-reaching, impacting the cost of transportation, food, and other essential goods and services. This will ultimately erode the already fragile purchasing power of millions of our citizens, pushing more families into poverty.

“The Minority Caucus is deeply concerned that this decision by the NNPC appears to have been made without adequate consultation with relevant stakeholders, including the National Assembly, which represents the interests of the people. This unilateral action disregards the principles of transparency, accountability, and fairness, which should guide decisions affecting the lives of the citizenry. The current dire economic conditions, characterized by rising unemployment, soaring inflation, and widening inequality, have placed immense pressure on the livelihoods of citizens.

“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. While it is crucial for all stakeholders, including government, businesses, and civil society, to work collaboratively to address these economic challenges and restore stability, before the situation deteriorates further, Tinubu’s government should as a matter of urgency address the connection between dire economic conditions and social unrest rather than create conditions that exacerbate the already dire economic conditions. Not doing so merely provides filips to the army of youths who are jobless to return to occupy the streets and unleash violence on our country.

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“This government must learn lessons from destructive effects of the national protests against bad governance, triggered by depressing and excruciating economic conditions.

“We, therefore, call on the Federal Government to urgently intervene and reverse this unwarranted increase in petrol prices. We also urge the government to explore and implement more sustainable measures to stabilize the economy without placing an additional burden on the people.”