The Conference of Nigeria Political Parties (CNPP) has thrown its weight behind the House of Representatives’ call for the Federal Government of Nigeria to reverse the recent hike in petrol pump prices and stabilize cooking gas prices.
CNPP urged President Bola Ahmed Tinubu to “immediately reverse the removal of fuel subsidy in totality and end the legislative process of increasing Value Added Tax (VAT) until the Nigerian economy recovers, in a statement by its spokesman, Comrade James Ezema.
According to the CNPP, the removal of fuel subsidies has “exacerbated the financial burden on ordinary Nigerians, with petrol and cooking gas prices skyrocketing in recent months. This has increased inflation, pushing many families into deeper financial hardships and threatening economic stability and job security in the country.”
The organization noted that “as an oil-producing country, Nigeria has historically relied on petroleum products and cooking gas as essential sources of energy for both domestic and industrial purposes. However, the recent price hikes have created an unsustainable financial burden on citizens, particularly low-income households.”
It also emphasized that the escalating fuel and gas prices are impacting the cost of transportation, food, essential goods, and healthcare, further increasing inflation and pushing many families into deeper financial hardships.
The CNPP also expressed concern that businesses, “particularly small and medium-sized enterprises (SMEs), are struggling to manage their operational costs due to increased fuel prices, threatening economic stability and job security.”
The CNPP then demanded that “the federal government take immediate steps to reverse the pump price hike and stabilize petrol and cooking gas prices through targeted interventions.
“This includes temporary price relief measures, tax reductions, or subsidies on LPG for low-income households.”
The organization also urged the federal government to “expedite the repair and maintenance of domestic refineries and increase local refining capacity as a stop-gap measure to reduce dependence on imported refined petroleum products.”
In addition, the organization called on “the Central Bank of Nigeria (CBN) to implement monetary policies that would mitigate the adverse effects of fuel price hikes on inflation, particularly with regards to essential goods and services.”
The umbrella body of all registered political parties and political associations in the country encouraged the federal government to “explore alternative energy sources and diversify the country’s energy mix to reduce reliance on petrol and gas, promoting renewable energy solutions that are more sustainable and affordable in the long term.”
Ultimately, the CNPP stressed that the federal government must prioritize the welfare and well-being of Nigerians and take concrete steps to alleviate the suffering and hunger among the masses in the country, urging the government to “go after looters and government officials in the previous administration of former President Muhammadu Buhari and recover trillions of naira stolen from the nation’s treasury under several guises.”
