The House of Representatives has issued a compelling call for the immediate reversal of recent price hikes in petroleum products and cooking gas, warning that the increases are exacerbating economic hardship for Nigerians.
The motion, spearheaded by Deputy Minority Leader Aliyu Madaki, received support from 111 lawmakers during a plenary session held on Wednesday.
Madaki emphasized the urgent need for action, stating, “The continuous rise in fuel prices threatens the livelihoods of ordinary Nigerians and jeopardizes job security.”
Lawmakers expressed their concerns that the current situation could lead to further economic instability and inflation.
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In addition to the call for price reversal, the House urged the Nigerian National Petroleum Company Limited (NNPCL) and the Ministry of Petroleum Resources to bolster local refining capacities.
They also recommended that the Central Bank of Nigeria (CBN) implement monetary policies aimed at mitigating the adverse impacts of fuel price increases on inflation.
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