NASS Demand Reversal Of Fuel, Cooking Gas Prices Hike
The House of Representatives has taken a bold stance against the recent increase in fuel and cooking gas prices, calling for the immediate reversal of the hike in the pump prices of petroleum products as well as cooking gas across the country.
The motion for the reversal was moved during plenary on Wednesday by the Deputy Minority Leader, Aliyu Madaki, and sponsored by 111 members of the house.
The lawmakers expressed concern that the hike was causing hardship for Nigerians and threatening job security.
The House also urged the Nigerian National Petroleum Company Limited (NNPCL) and the Ministry of Petroleum Resources to increase local refining capacity.
They further called on the Central Bank of Nigeria (CBN) to implement monetary policies that will mitigate the adverse effects of a fuel price hike on inflation.
The move by the Green Chambers of the National Assembly followed the World Bank’s warning that a further increase in the prices of petrol may reverse the already dwindling effects of subsidy removal in Nigeria.
