This hike is famine filled.
The House of Representatives in Nigeria has urged the presidency to revert to the old petrol price, highlighting concerns over the rising cost of living and economic hardships faced by citizens.
This recommendation was part of the resolutions passed during a session that addressed the impacts of the current fuel pricing structure on the general population. Lawmakers explained that the increased cost of petrol, following the removal of subsidies, has led to higher inflation and diminished purchasing power for Nigerians.
Meanwhile, the Representatives also stressed that the federal government needs to adopt a more people-centric approach in its economic policies, suggesting that the removal of subsidies should have been accompanied by more robust palliative measures.
According to the House, the current interventions are insufficient to cushion the effects of the price hike on the most vulnerable groups in society.
Also, the lawmakers pointed out that the rising cost of transportation, driven by the higher petrol prices, has had a cascading effect on the prices of goods and services across the country.
This has further exacerbated the economic struggles, especially for those in lower income brackets who are now bearing the brunt of inflation without adequate support from the government.
During the session, members also expressed concern about the implications of the government’s current economic strategy, urging a review that would prioritize immediate relief for Nigerians. They called on the presidency to revisit its policies on subsidy removal, stressing the need for balanced reforms that do not disproportionately affect the poorer segments of the population.
The House’s appeal comes at a time when the nation is grappling with broader economic challenges, including high inflation and unemployment. Lawmakers suggested that returning to the previous petrol price might provide temporary relief while longer-term solutions are sought.
They also underscored the importance of dialogue between the government and stakeholders to develop a more sustainable and inclusive economic strategy.
This development reflects the ongoing tension between the need for fiscal reform and the pressing economic realities facing everyday Nigerians. As debates continue, the outcome will likely shape the discourse on fuel subsidies and economic policy in the coming months.
Will the presidency take heed?
