The National Christian Elders Forum, NCEF, has urged the Federal Government to, as a matter of urgency, reverse the recent petrol price increase, warning that failure to do so could lead to dire consequences.

This is coming as Nigeria struggles with increasing poverty rates, estimated to have reached 38.9 per cent in 2023.

The group, in a communiqué on Thursday after its meeting, attributed the current economic hardship in Nigeria to the petrol price hike, which has increased the costs of food and other essential commodities.

In the communiqué signed by its chairman, Samuel Gani, the group emphasised the urgent need for government action, expressing concern over the impact of recent protests and citing the worsening hardship faced by Nigerians.

To address these challenges, the group recommended a comprehensive approach, including reviewing petrol prices to alleviate the suffering of Nigerians, reducing electricity tariffs to enhance productivity and create employment opportunities, and improving security measures, particularly for rural farmers.

NCEF also noted that the government’s efforts to address insecurity have been inadequate, emphasising the need for more immediate and effective actions.

“We urge the Government to reconsider the recent increase in petrol prices, which has led to a significant rise in the cost of food and other essential commodities. It is important to acknowledge that the recent protests by some Nigerians were because of the increase in petrol prices and aggravating hardship faced by the populace. We recommend a downward review of petrol prices to alleviate the suffering of the people.

“To further address the economic challenges, we advocate for a reduction in electricity tariffs to enable Nigerians to produce goods and services more economically. This measure will enhance productivity and create employment opportunities for our burgeoning youth population,” the communiqué partly reads.