Petrol Could Hit N5,000 Per Litre Under Tinubu Second Term, SDP Candidate Adewole Adebayo Warns
The presidential candidate of the Social Democratic Party (SDP), Adewole Adebayo, has warned that petrol prices could rise to as much as N5,000 per litre in the coming years if President Bola Tinubu wins a second term in the 2027 presidential election.
Adebayo issued the warning in a statement released on Wednesday by his campaign’s Chief Communications Adviser, Comrade Mark Adebayo, following another increase in petrol prices across Nigeria.
The latest increase has pushed petrol prices to nearly N1,500 per litre at some filling stations, further heightening concerns over rising transportation costs and the broader cost of essential goods and services.
Adebayo linked the possibility of further petrol price increases to the Federal Government’s economic policies, particularly the deregulation of the downstream petroleum sector and the floating of the naira.
He argued that continued depreciation of the Nigerian currency could directly increase the cost of imported petrol because the product is priced in US dollars.
According to him, a substantial decline in the value of the naira would raise the landing cost of petrol and subsequently put additional pressure on pump prices.
“If the exchange rate hits N3,500 to $1 in the coming years, the landing cost of fuel alone will exceed N4,000,” Adebayo said.
He further warned that Nigerian consumers could face even greater pressure if fluctuations in international crude oil prices continue to affect domestic petrol prices following the removal of the fuel subsidy.
President Tinubu announced the removal of the fuel subsidy during his inauguration on May 29, 2023, describing the policy as necessary under his administration’s economic reform programme.
The decision immediately resulted in a sharp increase in petrol prices and contributed to higher transportation and living costs across the country. The Federal Government, however, has continued to defend the policy, arguing that it has produced economic benefits while reducing the financial burden of subsidy payments on public finances.
Former Vice President Atiku Abubakar, the presidential candidate of the African Democratic Congress (ADC), has said he would restore the petrol subsidy if elected, citing the need to ease the hardship faced by Nigerians.
Peter Obi, the presidential candidate of the Nigeria Democratic Congress, and Allied Peoples Movement presidential candidate Seyi Makinde, have, however, said they would retain the subsidy removal while pursuing measures aimed at improving the management of the petroleum sector and making fuel more affordable.
The ADC has also criticised the latest petrol price increase, warning that higher fuel costs were placing additional pressure on Nigerian households and businesses.
In a statement issued on Tuesday by its National Publicity Secretary, Bolaji Abdullahi, the party said the latest increase came at a time when Nigerians were already struggling with rising transportation, food, electricity, education and housing costs.
“Every increase in the price of petrol directly raises the cost of living because businesses and households depend on fuel for transportation, electricity and other daily activities. President Tinubu has turned the petrol pump into an instrument of punishment for everyday Nigerians,” the party said.
The ADC also expressed concern over the impact of rising petrol prices on education, saying some private schools had reportedly increased their fees by between 30 and 40 per cent.
The party said parents were facing additional financial pressure because household incomes had not increased at the same rate as the cost of food, transportation, rent, school fees and other essential expenses.
It also acknowledged that private school operators were dealing with rising operational costs, including electricity, petrol, rent, taxes and staff salaries.
The opposition party further said the rising cost of petrol was affecting businesses, with companies spending more on transportation, electricity generation and the movement of goods.
“At N1,470 per litre, petrol is no longer simply a commodity. It is Tinubu Tax, which has made life unbearable for the majority,” the ADC said.
The party argued that economic reforms should ultimately improve citizens’ welfare rather than increase the financial burden on households.
“A reform that continuously makes people poorer is not working,” it said.
Meanwhile, Atiku has demanded greater transparency over government revenues and deductions, particularly those relating to the Federation Account Allocation Committee (FAAC), following the latest petrol price increase.
Through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku questioned why Nigerians were paying as much as N1,470 per litre while crude oil was trading at about $102.52 per barrel.
“With crude oil around $102.52 per barrel, Nigerians are paying as much as N1,470 per litre. In 2008, when crude oil reached about $147 per barrel, petrol sold at N65 per litre under the Yar’Adua administration,” Atiku said.
Atiku called for a reconciliation of oil revenues and deductions from 2023 to date, saying Nigerians should be able to determine how much revenue was generated, the deductions made before distribution and where the funds ultimately went.
“Nigerians deserve accounts they can interrogate, not accounting labels designed to discourage questions,” he said.
He also questioned how funds saved following the removal of the petrol subsidy had been utilised, recalling that the government had previously said the savings would create room for increased investment in education, healthcare and infrastructure.
“After all the pain imposed on Nigerians, they have a right to ask: where are the subsidy savings and where is the money?” he asked.
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Atiku further called for scrutiny of financial transactions involving the Renewed Hope Infrastructure Development Fund, OML 143, oil production revenues and the Nigerian National Petroleum Company Limited’s international liquefied natural gas trading operations.
“These allegations are too serious to be answered with press statements and political insults. Every barrel can be measured, every cargo identified and every legitimate payment traced,” Atiku said.
