Prince Adewole Adebayo, the 2023 presidential candidate of the Social Democratic Party (SDP), has cautioned Nigerians to brace for even higher fuel prices, stating that the current increase is just the beginning. He highlighted that fuel prices will continue to escalate and advised Nigerians not to lament the inevitable hikes, as the government is determined to let market forces dictate fuel prices.
Adebayo pointed out that President Tinubu is temporarily using the Nigerian National Petroleum Corporation (NNPC) to artificially lower prices, but he warned that this approach is unsustainable due to the NNPC’s financial difficulties and growing debt.
Adebayo, who had earlier predicted a sharp rise in petrol prices following the removal of the fuel subsidy, reiterated that the policy shift was a mistake. He argued that eliminating the subsidy would drive fuel prices to unsustainable levels, making petrol unaffordable for the average Nigerian. “One of the greatest mistakes you could make is to adopt a policy of removing the subsidy,” he remarked.
His opposition to subsidy removal stems from the belief that the broader economic and social costs far exceed the financial burden it places on the government. He cited potential risks such as reduced productivity, social unrest, and economic disruption, arguing that maintaining the subsidy would have been a more prudent decision. Adebayo estimated that the total cost of removing the subsidy outweighs the savings by a factor of five to one.
“If the removal of the subsidy is a good thing, then all of you should send a letter of congratulations to President Tinubu,” he said, referencing the widespread dissatisfaction following the policy shift.
Adebayo also criticized President Tinubu, former Vice President Atiku Abubakar, and Labour Party candidate Peter Obi for advocating subsidy removal during the last election. He asserted that, if elected, he would not have pursued the same policy.
He argued that the decision to eliminate the fuel subsidy reflects an economic philosophy that prioritizes the interests of the elite over the needs of ordinary citizens. While the political and business elite benefit from various subsidies for housing, vehicles, and other perks, the fuel subsidy, which supports the broader population, was targeted for removal. He described this as a clear example of social injustice in a nation marked by deep economic inequalities.
However, Adebayo acknowledged the complexity of the issue and called for a systematic policy shift to reduce Nigeria’s reliance on petrol. He advocated for the adoption of alternative energy sources, such as electric vehicles, and urged the government to implement policies that would mitigate the impact of rising fuel prices on the common man.