At the heart of the economic crisis gripping Nigeria is a major problem: the skyrocketing price of petrol and cooking gas. This worrying situation has caught the attention of authorities and lawmakers, prompting MP Kingsley Chinda to address a parliamentary session in Abuja.
The opposition representative stressed the need for urgent interventions to provide relief to low-income households, including through measures such as tax cuts or subsidies on cooking gas, also known as liquefied petroleum gas (LPG). He pointed to Nigeria’s historical reliance on petroleum products and cooking gas as essential sources of energy, both for domestic and industrial use.
In recent months, the prices of petrol and cooking gas have spiked alarmingly, eroding the purchasing power of ordinary Nigerians and driving up the cost of living. The removal of fuel subsidies, combined with the volatility of oil prices on the world market and the depreciation of the naira, have largely contributed to this price increase, creating unsustainable financial pressure on households.
The situation is all the more alarming as it affects access to transport, food, essential goods, health care and causes rising inflation. Families find themselves plunged into deep financial difficulties, small and medium enterprises are struggling to keep their activities afloat and the country’s economy is threatened with imbalance.
Faced with this crucial issue, MP Chinda called on the government to act concretely and quickly to control the rise in the prices of fuel and cooking gas before the crisis turns into a major economic problem with disastrous social consequences. It is essential that concrete measures are taken to stimulate local refining capacity and reduce dependence on imported petroleum products.
Furthermore, the government should explore alternative energy sources and diversify the country’s energy mix by promoting more sustainable and affordable renewable energy solutions. Monetary policies implemented by the Central Bank of Nigeria should be adjusted to mitigate the negative effects of fuel price hikes on inflation, particularly for essential goods and services.
Local authorities are also called upon to take measures to ease the financial burden on citizens by temporarily suspending taxes and transport fees related to high fuel costs. In short, a comprehensive and coordinated plan is needed to respond to this crisis and avoid disastrous repercussions on the people and the economy of Nigeria.