The statement, made by Minority Leader Kingsley Chinda and titled “Reverse Petrol Prices Now,” appeals to the President to take immediate and urgent steps to address the dire economic conditions and the social unrest they are causing.
In the statement, Chinda highlighted the severe economic challenges the nation is facing, including skyrocketing inflation, rising unemployment, and the depreciating value of the Naira. 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 Minority Caucus warns that the ripple effects of increasing petrol prices are extensive. These impacts include higher transportation costs, more expensive food, and increased prices for other essential goods and services. As a result, the purchasing power of millions of Nigerians will be further diminished, pushing more families into poverty.
The statement also raises concerns about the lack of consultation with relevant stakeholders, including the National Assembly. The Caucus feels that the decision by the Nigerian National Petroleum Corporation (NNPC) was made without sufficient input from those who represent the people’s interests. This unilateral action is seen as a disregard for principles that should guide such critical decisions.
“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,” the statement notes. “This unilateral action disregards the principles of transparency, accountability, and fairness, which should guide decisions affecting the lives of the citizenry.”
The statement further highlights the current economic pressures, including high unemployment rates, soaring inflation, and widening inequality. These conditions have significantly impacted the livelihoods of citizens, leading to widespread protests.
Chinda emphasizes the need for a collaborative effort among all stakeholders—government, businesses, and civil society—to address these economic challenges and restore stability. However, the current government, led by President Tinubu, is urged to address the economic issues and social unrest urgently rather than creating conditions that might exacerbate the problems.
The statement warns that failing to address these issues could lead to a resurgence of protests and violence, particularly among unemployed youths. “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,” it states.
The Caucus believes that the government must learn from past experiences where national protests, driven by economic hardship and poor governance, led to significant unrest. The destructive impacts of these protests serve as a cautionary tale for the current administration.
In conclusion, the Minority Caucus calls for the Federal Government to take immediate action to reverse the increase in petrol prices. They also urge the government to explore and implement more sustainable measures to stabilize the economy without placing an additional burden on the citizens. “We, therefore, call on the Federal Government to urgently intervene and reverse this unwarranted increase in petrol prices,” the statement concludes. “We also urge the government to explore and implement more sustainable measures to stabilize the economy without placing an additional burden on the people.”
