The member representing Ehime-Mbano, Ihitte-Uboma and Obowo Federal Constituency in the House of Representatives, Hon. Deacon Chike Okafor is noted to have made a legislative effort to stem the ugly tide of hike in petroleum products as well as scarcity.
Hon. Okafor, an astute banker turned legislator, who hails from Obowo, in Okigwe South Federal Constituency, Imo State had previously lent a voice to motion on the need to arrest the insecurity situation ravaging the country, which has resulted to nowhere being safe anymore, from Abuja to the remote villages of Nigeria.
Hon. Chike Okafor therefore sponsored a billed urging the House to investigate, with an aim to resolve effectively, the hardship inflicted on both private and corporate Nigerians by this fuel crisis
Here’s the full text of the motion and the resolution of the House of Representatives.
MOTION ON THE NEED TO ADDRESS THE OUTRAGEOUS RISE IN PRICE OF AUTOMOTIVE GAS OIL (DIESEL)
By Hon. Dcn. Chike John Okafor
Notes that the Nigeria Mainstream and Downstream Petroleum Regulatory Authority (NMDPRA) was created in August, 2021 in line with the Petroleum Industry Act 2021 with the mandate to provide effective regulatory oversight, ensure sufficient product distribution and supply at an equitable and fair price;
Also notes that almost all businesses and households in Nigeria depend on diesel-powered generators as an alternative source of electricity;
Further notes the outrageous rise in the price of Automotive Gas Oil (Diesel) as the product which was sold between ₦280 to ₦350 per liter three (3) weeks ago is currently being sold above ₦780 per liter and still rising on daily basis accounting for over 115.4% percent increase within three (3) weeks.
Concerned that diesel was deregulated in 2009 with an initial price of ₦100 per liter, and between 2009 till date, Nigerians have witnessed a rising percentage increase in the price of the product;
Also concerned that the hike in the cost of diesel is alleged to be the handiwork of unscrupulous stakeholders in the industry, and is tantamount to economic sabotage, causing untold hardships for Nigerians as it will result in an increase in prices of food as well as goods and services.
Worried that the possible inflationary pressure envisaged from the rise in the cost of diesel could reduce consumers’ disposable income, thus making it impossible for average Nigerians to meet their basic needs;
Cognizant that if the ugly trend of the increasing price of diesel is not checked, the multiplier effect will spell doom for Nigeria’s economy;
Mandate the committees on Petroleum Resources (Downstream), Petroleum Resources (Upstream), Gas Resources to investigate the unexplained astronomical increase in the price of diesel with a view to ensuring that a reasonable price is fixed to alleviate the sufferings of Nigerians and report back within six (6) weeks for further legislative action.