ActionAid Nigeria has strongly criticized the recent hike in fuel prices, urging the government to take immediate action to address the economic challenges faced by citizens. The non-governmental organization stated that the increase in the minimum wage from N30,000 to N70,000 is insufficient to alleviate the economic strain on Nigerians.
In a statement on Wednesday, signed by Country Director Andrew Mamedu, ActionAid called on the Federal Government to prioritize the welfare of citizens over revenue generation and to present a comprehensive plan within 48 hours to support vulnerable groups and small businesses. “This plan must include measures to mitigate the impact of high fuel prices on the poor and vulnerable,” Mamedu emphasized.
Mamedu highlighted that since President Bola Ahmed Tinubu took office in May 2023, the removal of fuel subsidies has significantly worsened the economic situation for many Nigerians. He noted that fuel prices have risen sharply, from N185 per litre in May 2023 to N897 per litre by September 2024, with severe implications for the cost of essential commodities.
He pointed out that Nigeria’s reliance on imported fuel, which is priced in US dollars, makes fuel pricing heavily dependent on the naira-to-dollar exchange rate. As the naira depreciates, fuel costs rise, leading to increased prices at the pump and further economic hardship for Nigerians.
“The recent minimum wage increase is merely a temporary fix and fails to tackle the root causes of inflation,” Mamedu said, adding that Nigerians continue to struggle with escalating commodity prices, especially fuel. He called for a sustainable economic solution rather than short-term measures to placate the populace.
Condemning the latest fuel price surge, ActionAid demanded transparency in the fuel pricing process, including a breakdown of costs and revenues related to fuel imports, refining, and distribution. The organization also called for the establishment of an independent committee to monitor fuel pricing and ensure accountability, involving representatives from civil society, the private sector, and government bodies.
Furthermore, Mamedu stressed the urgent need for a comprehensive economic reform plan that includes diversifying the economy, increasing foreign exchange earnings, and stabilizing the naira. He urged the government to set clear targets and timelines for reducing inflation, boosting foreign investment, and promoting local production.
ActionAid Nigeria vowed to hold the government accountable and ensure it remains committed to providing a better future for all Nigerians. “We will take all necessary actions to ensure accountability to Nigerian citizens,” Mamedu warned.
