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A former Head of State, General Abdulsalami Abubakar (rtd), has cautioned the Federal Government against increasing the pump price of petroleum, saying it would push millions of Nigerians deeper into poverty.

Petrol currently sells for between N162 and N165 per litre. But the National Economic Council had reportedly recommended N302 per litre as part of government’s plan to fully deregulate the sector and eliminate monthly subsidy paymentsSpeaking in Abuja at the Dialogue, Abdulsalami said the proposed fuel price hike would worsen the condition of millions of young people and women, the demographic groups most affected by the country’s sick economic and acute insecurity.

He warned that the worsening economic and security situations during an election year make for a very challenging period for Nigeria that must be carefully managed by all concerned.

Abdulsalami, who chaired the dialogue, said though the country’s economic growth rates and inflation had improved somewhat in the last three months as official figures showed, the impact on the lives and wellbeing of the ordinary Nigerian was suspect. He said: “Insecurity in the country is worsened by our dire economic situation. Unemployment and underemployment remain at the record levels, and over 80 million Nigerians are still caught up in needless poverty.