Adebayo Rejects Return Of Petrol Subsidy, Promises N200 Fuel Within 12 Months

Social Democratic Party (SDP) presidential candidate, Adewole Adebayo, has ruled out restoring petrol subsidy if elected president, while maintaining that he can reduce the pump price of petrol to about N200 per litre within 12 months.

Adebayo who was speaking as a guest on TVC News’s Politics On Sunday with Femi Akande said the solution to Nigeria’s fuel crisis was not a return to the former subsidy regime but increased domestic refining, better management of crude allocation and targeted measures to protect Nigerians from the impact of high fuel prices.

He said restoring the subsidy after its removal would be economically impractical.

“Anyone now who is saying that he wants to restore subsidy doesn’t know what he’s talking about,” Adebayo said.

He likened the removal of the subsidy to a medical procedure, arguing that the policy could not simply be reversed after its consequences had already taken effect.

“You cannot restore subsidy after you have abolished it,” he said.

Adebayo said the SDP had warned before the 2023 election that removing the subsidy without addressing corruption, refining capacity and exchange-rate pressures would worsen economic hardship.

He argued that Nigeria should guarantee domestic fuel supply by ensuring that its refineries operate efficiently.

“Make sure that your refineries work. All this money you’re spending on turnaround maintenance, and you don’t let the refinery work, make sure that your refineries work,” he said.

According to him, domestic crude allocation should be used to supply Nigerian refineries, while excess production could be sold internationally to generate revenue.

He said the approach would allow Nigeria to manage the cost of domestic petroleum products without relying on a broad subsidy programme.

Asked whether such a strategy could reduce petrol prices to N200 per litre, Adebayo responded: “Yeah, it will.”

He said crude oil should not be treated as a single-product commodity because refining produces several commercially valuable products, including petrol, aviation fuel, diesel and gas.

Adebayo also argued that exchange-rate movements had been a major factor behind the increase in petrol prices.

He said his administration would seek to protect Nigerians most affected by high fuel prices while ensuring that domestic refineries serve local consumption.

The SDP candidate’s position comes as the high cost of petrol continues to feed into transportation, food prices and the wider cost of living crisis, making fuel policy a major issue ahead of the 2027 presidential election.