Presidential Candidate of the Social Democratic Party (SDP) in last year’s election, Prince Adewole Adebayo, has warned Nigerians to brace up for higher fuel prices, noting that the current increase is only the beginning.
Adebayo told Journalists in Abuja that the price of fuel will continue to increase in as much as government continues to rely on market forces to determine prices, saying President Bola Tinubu is currently using the Nigerian National Petroleum Corporation Limited (NNPCL) to artificially keep prices lower than they would be under true market conditions.
He, however, warned that this strategy is unsustainable, given the NNPCL’s financial struggles, including substantial debt.
Adebayo noted that while the political and business elite enjoy numerous subsidies for housing, vehicles, and other benefits, the subsidy on petrol, which benefits the broader population, was deemed problematic, “an example of social injustice, with the deep economic inequalities in Nigeria.”
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Meanwhile, Adebayo acknowledged the complexity of the issue while calling for a systematic policy shift that would reduce Nigeria’s reliance on petrol, pointing out that alternative energy sources, such as electric vehicles should be explored and urged government to implement policies that would minimize the impact of rising fuel prices on ordinary Nigerians.
The SDP leader said his opposition to the removal of the fuel subsidy stems from the belief that the true cost of subsidy removal far outweighs the financial burden it places on the government.
He cited the impact on productivity, social unrest, and economic dislocation as reasons why he opposed the policy then, and now, arguing that when considering all the associated costs, maintaining the subsidy would have been the more prudent choice as “these costs outweigh the savings from subsidy removal by a factor of five to one.
“If removal of subsidy is a good thing, then all of you should send a letter of congratulations to President Tinubu,” he stated, alluding to the widespread discontent following the subsidy removal.
He criticized President Bola Tinubu, former Vice President Atiku Abubakar, and Labour Party candidate in the last election, Mr Peter Obi who all campaigned for removing the fuel subsidy during their campaigns at the last election, maintaining that he wouldn’t have removed subsidy if he was elected.
Adebayo said the removal of the subsidy reflected an economic philosophy that placed the interests of the elite over the needs of ordinary Nigerians.
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