House of Representatives Urges Reversal of Fuel Price Increases Amid Growing Economic Concerns
In a significant move on Wednesday, the House of Representatives called for an immediate rollback of the recent hikes in fuel and cooking gas prices that have been affecting citizens nationwide. The motion advocating for this reversal was presented by Deputy Minority Leader Aliyu Madaki and garnered support from 111 members of the House.
Lawmakers voiced their apprehension over the impact of rising fuel prices, emphasizing that it is imposing considerable hardship on Nigerians and jeopardizing job security. In addition to the immediate reversal, the House urged the Nigerian National Petroleum Company Limited (NNPCL) and the Ministry of Petroleum Resources to enhance local refining capacities to help alleviate such economic pressures.
Furthermore, the House called for the Central Bank of Nigeria (CBN) to initiate monetary policies aimed at lessening the negative effects of the fuel price surge on inflation. This action by the legislative body follows a warning from the World Bank, which stated that any additional increases in petrol prices could negate the progress made following the recent removal of fuel subsidies in Nigeria.
This cautionary note was highlighted in the World Bank’s October edition of its Africa’s Pulse report, drawing attention to the precarious economic situation in the country.
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