- Prince Adewole Adebayo warns Nigerians to expect further fuel price increases, criticizing the government’s reliance on market forces for pricing
- Adebayo describes the removal of the petrol subsidy as “social injustice,” disproportionately affecting ordinary Nigerians while benefiting the political elite
Prince Adewole Adebayo, the 2023 presidential candidate of the Social Democratic Party (SDP), has warned Nigerians to prepare for further increases in fuel prices. Speaking to journalists in Abuja, Adebayo noted that the current fuel hike is just the beginning as long as the government relies on market forces to set prices.
Adebayo explained that President Bola Tinubu uses the Nigerian National Petroleum Corporation Limited (NNPCL) to keep fuel prices artificially lower than they would be under true market conditions. Still, he believes this approach is unsustainable due to the NNPCL’s financial struggles and significant debt.
He criticized the removal of the petrol subsidy, arguing that while the political and business elite enjoy various forms of subsidy, the removal of fuel subsidies disproportionately affects ordinary Nigerians. Adebayo described this as “social injustice,” especially given Nigeria’s deep economic inequality.
Adebayo also called for policies to reduce Nigeria’s dependence on petrol, urging the exploration of alternative energy sources such as electric vehicles. He opposed the removal of the subsidy, stating that its long-term social and economic costs outweigh the financial savings. He cited reduced productivity, potential social unrest, and economic disruptions as major concerns.
The SDP leader criticized other political figures, including President Tinubu, former Vice President Atiku Abubakar, and Labour Party candidate Peter Obi, for supporting subsidy removal during their campaigns. He emphasized that if elected, he would have maintained the subsidy, which he believes better serves the needs of ordinary Nigerians over the elite.