Prince Adewole Adebayo, the presidential candidate of the Social Democratic Party, SDP, has said that the volume of crude oil stolen or unaccounted for in Nigeria could have been used to subsidise petrol prices at N200 per litre.
He made this disclosure on Sunday during a briefing with journalists in Abuja.
According to him, Nigerians should not be made to pay international market prices for petrol and other petroleum products when the country produces crude oil.
He noted that Nigeria, as one of the world's major oil-producing countries, should be able to provide refined petroleum products to its citizens at affordable prices.
Adebayo described the practice of charging Nigerians international market prices for petroleum products despite the country's crude oil resources as wicked and irresponsible.
"Any government that says to you we should buy petrol in Nigeria at international market rates. That person, that government is a liar. It's wicked and irresponsible.
"The amount of stolen crude in Nigeria would have been used for fuel subsidy at N200 per litre, not international price.
"We need to now remember that if you have a product in your country, and the oil is being taken from your soil, you are looking at them flaring the gas in front of you, and somebody is saying to you that you should pay the international price for crude oil that is in Nigeria, the same price as someone who is in China, where there is no crude oil, someone who is in Australia. It doesn't make any sense when you yourself don't have international income," he said.
His comments have reignited the debate over fuel subsidy ahead of the 2027 presidential election.
President Bola Ahmed Tinubu, during his campaign rally in Kaduna on Saturday, reiterated that the fuel subsidy was gone for good, urging Nigerians not to be deceived.
Recall that opposition leaders, including Atiku Abubakar of the African Democratic Congress, ADC, have also advocated the return of fuel subsidies.
DAILY POST reports that petrol currently sells for between N1,370 and N1,429 per litre in Abuja, a development that has contributed to the rising cost of living for many people.
Fuel Subsidy: Stolen crude oil in Nigeria could've kept petrol at N200/litre – Adebayo