The House of Representatives on Wednesday called for the immediate reversal of the increase in the pump prices of petroleum products as well as cooking gas across the country. The motion for the reversal was moved 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 fuel price hikes 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.
ThePaan recalls that the World Bank issued this warning in the October edition of its Africa’s Pulse report.
