The House of Representatives has expressed concern that the recent hike in fuel pump prices could lead to social unrest across Nigeria. This warning came as a meeting between the Federal Government and labour unions over the fuel price increase ended in a deadlock on Wednesday.
Fuel prices at Nigerian National Petroleum Company (NNPC) retail outlets have surged dramatically, with petrol now selling at N1,030 per litre in Abuja, up from N897, while Lagos saw prices rise to N998 per litre from N868. Other regions have experienced similar hikes, marking the second increase in a month, pushing prices up by about 14.8% or N133.
The price hike has worsened the cost of transportation and food, causing a ripple effect on the economy. Both the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have condemned the hike and are demanding an immediate reversal.
During a plenary session on Wednesday, the House of Representatives called on the Federal Government to immediately reverse the petrol and cooking gas price increases, citing the economic hardship faced by Nigerians. This call followed a motion of urgent public importance moved by Minority Leader Kingsley Chinda, alongside 100 other members, titled “Urgent need to suspend the increased cost of petrol and cooking gas in the country and provide a stop-gap.”
Chinda, speaking on behalf of the motion, said, “The removal of fuel subsidy, coupled with global oil price volatility and naira depreciation, has contributed significantly to the rising cost of petrol and cooking gas. The escalating prices are pushing many Nigerians into financial hardship, and if left unchecked, could trigger inflationary pressures and social unrest.”
Other lawmakers echoed his concerns. Minority Whip Ali Isa condemned the repeated fuel price increases, urging the government to ease the burden on Nigerians, while Deputy Minority Whip George Ozodinobi argued that the hikes had rendered the new N70,000 minimum wage meaningless, given the sharp rise in the cost of living.
In its resolution, the House urged the NNPC, Ministry of Petroleum Resources, and other relevant agencies to expedite repairs of domestic refineries to reduce reliance on imported refined products. The lawmakers also called on the Central Bank of Nigeria (CBN) to implement monetary policies aimed at cushioning the impact of the fuel price hikes on inflation.
The House also recommended that the Federal Government explore alternative energy sources and promote renewable energy solutions to lessen the country’s dependence on petrol and gas.
Meanwhile, the meeting between the Federal Government and labour unions, led by Secretary to the Government of the Federation George Akume, ended without an agreement. According to a source, the labour unions stood firm in their demand for a reversal of the fuel price hike, while the government team attempted to justify the increase, citing economic pressures. Minister of Information Mohammad Idris, speaking after the meeting, said the dialogue would continue as part of a “work in progress” with labour leaders.
Finance Minister Wale Edun acknowledged the challenges posed by inflation and rising costs but maintained that recent government decisions would eventually yield positive results for the economy.
