The Conference of Nigeria Political Parties (CNPP) has called on the federal government to reverse the recent petrol and cooking gas price hikes, joining the House of Representatives in urging swift intervention. 

In a statement by its deputy national publicity secretary, James Ezema, the CNPP urged President Bola Ahmed Tinubu to reverse the removal of the fuel subsidy and halt any planned value-added tax (VAT) increase until the Nigerian economy stabilises.

The CNPP also highlighted the severe impact the hikes have had on the average Nigerian.

“The removal of the fuel subsidy has worsened the financial burden on ordinary citizens,” the statement said, citing rising inflation and increasing hardship. 

The CNPP’s statement emphasised that Nigeria, as an oil-producing nation, should not face such difficulties with energy prices. 

It warned that small and medium-sized enterprises (SMEs), in particular, are struggling to stay afloat due to rising operational costs, threatening job security.

As part of its recommendations, the CNPP urged the federal government to implement immediate relief measures, such as temporary price controls, tax reductions, or targeted subsidies on cooking gas for low-income families. 

They also pressed for the repair and upgrade of Nigeria’s refineries to reduce dependence on imported fuel and mitigate future price hikes.

The group further called on the Central Bank of Nigeria (CBN) to adopt monetary policies to ease the effects of the fuel price hikes, particularly in relation to essential goods and services. 

They also encouraged the exploration of alternative energy sources, advocating for a transition to renewable energy solutions to provide long-term economic relief.

The CNPP also reiterated the importance of fighting corruption, urging the federal government to pursue individuals responsible for the mismanagement of funds during the previous administration. 

The group insists that recovering stolen funds could help alleviate some of the economic strain on the country.

The CNPP concluded by calling on the government to act decisively, stating, “The federal government must prioritise the welfare and well-being of Nigerians and take concrete steps to alleviate the suffering and hunger among the masses.”

The prices of petrol and cooking gas have soared in recent months, putting further strain on households already grappling with economic challenges.

The hikes have affected transportation, food, and healthcare costs, contributing to inflation and economic instability.