Prince Adewole Adebayo, the 2023 presidential candidate of the Social Democratic Party (SDP), has warned Nigerians to prepare for even higher fuel prices, stating that the recent increases are only the beginning.
He urged citizens not to complain about the inevitable price hikes, as the government is determined to let market forces set fuel prices.
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Adebayo criticized President Tinubu’s strategy of using the Nigerian National Petroleum Corporation (NNPC) to temporarily lower fuel prices, arguing that this approach is unsustainable due to the NNPC’s financial difficulties and substantial debt.
Reiterating his earlier prediction of a sharp increase in fuel prices following the removal of the fuel subsidy, Adebayo labeled the policy shift as a mistake.
He argued that eliminating the subsidy would push fuel prices to unaffordable levels, making it difficult for average Nigerians to cope.
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Adebayo described the removal of the subsidy as one of the greatest mistakes, suggesting that the economic and social costs far outweigh any potential savings.
He criticized President Tinubu, former Vice President Atiku Abubakar, and Labour Party candidate Peter Obi for their support of subsidy removal during the last election.
Adebayo claimed that if he had been elected, he would have pursued a different approach, emphasizing that the removal of the subsidy reflects an economic philosophy favoring the elite over the needs of ordinary citizens.
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Adebayo also condemned the targeting of the fuel subsidy for removal while other subsidies for the elite remain intact, calling it an example of social injustice in a country with significant economic inequalities.
Acknowledging the complexity of the issue, Adebayo called for a systematic policy shift to reduce Nigeria’s dependence on petrol.
He advocated for the adoption of alternative energy sources, such as electric vehicles, and urged the government to implement measures to alleviate the impact of rising fuel prices on the average Nigerian.
