Presidential candidate of Social Democratic Party (SDP), Prince Adewole Adebayo, says prices of petrol, cooking gas and aviation fuel, otherwise known as Jet A1, will be reduced to N200 per litre if elected president in 2027.
Adebayo made the promise while featuring on the News Agency of Nigeria (NAN) Personality Interview Series on Sunday in Abuja.
He said that the proposed reduction would be achieved in 12 months by reviving local refineries and creating enabling environment for modular refineries to thrive in the country.
According to him, Nigeria’s refineries, which are barely 50 years old, are still very serviceable and can function to serve the country, noting that refineries in the United States that are more than 100 years old are still operational.
Adebayo said that he would also restore the original subsidy regime which reserved 450,000 barrels of crude oil for local consumption.
“All other derivatives from the 450,000 barrels like naphtha, heavy fuel oil, diesel, kerosene, etc. will be sold and the money used to maintain the regime price,” he said.
The presidential candidate insisted that the current debate over petrol subsidy was distracting attention from the fundamental problems confronting Nigeria’s petroleum sector.
The country’s priority, he said, should be how to develop sufficient domestic refining capacity rather than continued importation of refined petroleum products at international prices.
Adebayo argued that Nigeria had an advantage because it possessed crude oil resources and existing refining infrastructure, saying that the country should be refining crude locally rather than relying heavily on imported products.
“SDP will pick cooking gas, petrol and Jet A1; those three, we will put them under a regime where the price does not go past N200.
“We will go to the National Assembly and demand to see that all the other derivatives that come from it like naphtha and all others, when we sell them, we use the money to equalise the price,” he said.
The presidential candidate said that under his administration, if elected president, Nigerians would not be discussing fuel subsidy as it was not a government economic programme.
He dismissed the argument that subsidy removal would, by itself, solve Nigeria’s fiscal problems, describing the subsidy debate as a “red herring”.
Adebayo said that government must instead focus on ensuring that the country’s refineries work and that additional modular refineries are established to serve local markets.
He linked the proposed reduction in petroleum prices to the broader transportation policy, saying that his administration would expand public transportation and rail services to reduce Nigerians’ dependence on private vehicles.
Adebayo proposed a system under which workers and students could use employment and student identification cards linked to public transportation services without paying, while employers would contribute six per cent of workers’ salaries toward transportation.
He said that such measures, alongside cheaper petrol and aviation fuel, would reduce the cost of movement and stimulate economic activities.
Adebayo further pledged that under an SDP government, cost of housing would be limited to seven per cent of workers’ salaries, alongside free education and healthcare.
“The summary of it is that transportation costs cannot go more than six per cent of your salary and housing costs should not be more than seven per cent of your salary; education and healthcare should be free.
“That is basically the thing we are going to do, and to make sure that food is affordable, government will focus on agriculture and ensure food security,” he said.
