Nigerian Lawmakers Investigate Increase in Fuel Pump Price

Jul 11, 2023

“As representatives ofNigerians, we have been inundated with calls and questioning on the motive of government behind this recent increase. Petroleum is unarguably the lifeline of the Nigerian economy and any increase in its price will undoubtedly result in ripple effect on price of goods and services especially food stuff. Statistics show that Nigerians spend an average of 80% of their incomes onfood alone. This is why we fear that this recent increase will further pushNigerians deeper below the poverty line,” “This is what we want to hear at thisinvestigative hearing. Nigerians need to understand the rationale behind this action. But beyond that, they need to be assured that this price hike will not have more devastating effect on their livelihoods. We need to be able to convince Nigerians that their interest will always be protected,“I would like to use this opportunity to reassure you of our commitment toTairness, transparency and objectivity in the work of this committee. We shall do what is right to enable the House of Representatives to take a noble decision on this matter,” CNG Vehicles“Today trying to raise money to build new refineries is almost impossible. The US government and the international development finance institutions would not give you money to invest in anything crude oil, because they consider it to be a dirty fuel.“However, attracting investment to develop the domestic gas is another question. The gas that we are flaring today in Niger Delta is not only affecting the health and environment of Nigerians, it’s threatening them in Paris, it’s affecting the climate in Tokyo. So when you approach the international investment community to raise funding to provide natural gas base transportation, it is an easier conversation to have than crude oil.”

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