ABUJA — The presidential candidate of the Social Democratic Party, SDP, Prince Adewole Adebayo, has promised to reduce the prices of petrol, cooking gas and aviation fuel, Jet A1, to N200 per litre if elected president in 2027.
Adebayo made the pledge while featuring on the News Agency of Nigeria, NAN, Personality Interview Series in Abuja on Sunday.
He said the proposed reduction would be achieved within 12 months through the revival of Nigeria’s existing refineries and the creation of an enabling environment for modular refineries to operate.
According to him, the country’s refineries, despite being decades old, remain serviceable and can be rehabilitated to meet domestic fuel needs.
He cited refineries in the United States that are more than 100 years old but remain operational as evidence that age alone should not render Nigeria’s refineries obsolete.
Adebayo also promised to restore what he described as the original subsidy regime, under which 450,000 barrels of crude oil were reserved for domestic consumption.
He said other products derived from the crude, including naphtha, heavy fuel oil, diesel and kerosene, would be sold, with the proceeds used to maintain the price regime.
The SDP candidate said the ongoing debate over petrol subsidy was distracting attention from the fundamental challenges facing Nigeria’s petroleum sector.
He argued that the priority should be to develop adequate domestic refining capacity rather than continue importing refined petroleum products at international prices.
Adebayo said Nigeria had an advantage because of its crude oil resources and existing refining infrastructure, stressing that the country should refine more of its crude domestically.
“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,” he said.
He added that the party would work with the National Assembly to establish a mechanism through which revenue from other petroleum derivatives could be used to support the proposed price regime.
Adebayo said Nigerians would not have to contend with the issue of fuel subsidy under an SDP administration, arguing that subsidy should not be treated as a government economic programme.
He also dismissed the argument that subsidy removal alone would resolve the country’s fiscal challenges, describing the debate as a “red herring.”
The presidential candidate linked his proposed reduction in fuel prices to a broader transportation policy that would expand public transport and rail services, with the aim of reducing dependence on private vehicles.
He proposed a system under which workers and students would access public transportation through employment and student identification cards, while employers would contribute six per cent of workers’ salaries towards transportation.
Adebayo said the measures, combined with cheaper petroleum products, would reduce transportation costs and stimulate economic activities.
He further pledged that an SDP government would limit housing costs to seven per cent of workers’ salaries, while providing 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,” he said.
Adebayo also promised to prioritise agriculture and food security to make food more affordable to Nigerians.
NAN
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