The Conference of Nigeria Political Parties (CNPP) has voiced its support for the House of Representatives’ demand for the federal government to reverse the recent hike in petrol pump prices and stabilize cooking gas prices.
In a statement by CNPP’s Deputy National Publicity Secretary, Comrade James Ezema, the group urged President Bola Ahmed Tinubu to “immediately reinstate the full fuel subsidy” and halt the proposed Value Added Tax (VAT) increase until the nation’s economy shows signs of recovery.
The CNPP emphasized that the removal of fuel subsidies has significantly worsened the financial strain on Nigerians, with rising petrol and cooking gas prices pushing inflation higher and deepening the economic challenges faced by ordinary citizens.
According to the CNPP, this has led to widespread hardship, threatening the stability of both households and businesses.
Dr. Emmanuel Ibe, an economic analyst, echoed the CNPP’s concerns, highlighting that “the skyrocketing fuel prices have had a ripple effect on the cost of living, impacting transportation, food, healthcare, and other essential goods.”
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Ibe pointed out that inflation has disproportionately hurt low-income families, who now struggle to meet basic needs amid rising prices.
The CNPP further stressed that, as an oil-producing nation, Nigeria has long depended on petroleum products and cooking gas for domestic and industrial energy needs.
However, recent price hikes have rendered these essential commodities unaffordable for many Nigerians. The body raised alarms about the impact on small and medium-sized enterprises (SMEs), with many struggling to cope with increased operational costs. “This is not just a crisis of affordability; it’s a threat to job security and the overall stability of the Nigerian economy,” the statement read.
In response to the worsening situation, the CNPP called for immediate government action, recommending measures such as temporary fuel price relief, tax reductions, or targeted subsidies for Liquefied Petroleum Gas (LPG) to assist low-income households.
Energy expert Dr. Abiodun Alake noted, “The government must prioritize swift interventions to stabilize prices, as the continued escalation could lead to further economic contraction and social unrest.”
The CNPP also urged the federal government to accelerate the repair of Nigeria’s domestic refineries and boost local refining capacity as a means of reducing the country’s dependence on imported petroleum products.
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Additionally, the CNPP called on the Central Bank of Nigeria (CBN) to adopt monetary policies aimed at curbing the inflationary effects of fuel price hikes, particularly in sectors vital to everyday life.
In the long term, the CNPP suggested that Nigeria diversify its energy mix by investing in renewable energy solutions that are both sustainable and affordable.
“Renewable energy must be part of our national strategy to reduce dependency on fossil fuels and create a more resilient and equitable energy landscape,” said Dr. Funke Oladapo, an energy policy expert.
Finally, the CNPP urged the federal government to address corruption, calling for the recovery of funds allegedly looted during the administration of former President Muhammadu Buhari.
“This is not just about stabilizing the economy but about ensuring justice and accountability for the resources that have been stolen from the Nigerian people,” said Comrade Ezema.
With rising calls for immediate action, the CNPP stressed that the government’s priority must be the welfare of Nigerians, urging a comprehensive response to alleviate the financial suffering exacerbated by inflation and high fuel prices.