Abuja: Presidential candidate of the Social Democratic Party (SDP), Prince Adewole Adebayo, has made a bold promise to cut petrol, cooking gas, and aviation fuel prices to N200 per litre if he is elected as Nigeria’s president in 2027. Adebayo outlined his ambitious plans during an interview with the News Agency of Nigeria (NAN) as part of their Personality Interview Series, highlighting his strategy to achieve this goal within 12 months.
According to News Agency of Nigeria, Adebayo’s plan involves reviving local refineries and creating a conducive environment for modular refineries to flourish. He noted that while Nigeria’s refineries are about 50 years old, they remain serviceable and could effectively meet the country’s needs. Adebayo drew a comparison to refineries in the United States, which are over 100 years old and still operational.
Adebayo emphasized his intention to restore the original subsidy regime, which allocates 450,000 barrels of crude oil for local consumption. The revenue generated from the sale of derivatives such as naphtha and diesel would be used to maintain the proposed regime price, he explained. He criticized the ongoing debate over petrol subsidies, arguing that it distracts from the core issues facing Nigeria’s petroleum sector.
The presidential candidate asserted that Nigeria should focus on developing sufficient domestic refining capacity rather than relying on imported products. He highlighted the country’s advantage of possessing crude oil resources and existing refining infrastructure, stressing the importance of refining crude locally.
Adebayo elaborated on his plans, stating that the SDP would ensure that the prices of cooking gas, petrol, and Jet A1 remain under N200. He also proposed engaging with the National Assembly to allocate proceeds from derivative sales to equalize prices. He dismissed the notion that removing subsidies alone would resolve Nigeria’s fiscal challenges, labeling it a ‘red herring.’
Further, Adebayo linked his proposed reduction in petroleum prices to a broader transportation policy, which includes expanding public transportation and rail services. His administration would introduce a system where workers and students could use identification cards for public transport services without direct payment, funded by a contribution of six percent from workers’ salaries by their employers.
In addition to cheaper fuel, Adebayo pledged that an SDP government would limit housing costs to seven percent of workers’ salaries, while providing free education and healthcare. He concluded by emphasizing a holistic approach to reducing transportation costs, promoting affordable housing, and ensuring food security through a focus on agriculture.