Prince Adewole Adebayo, the 2023 presidential candidate of the Social Democratic Party (SDP), has cautioned Nigerians to prepare for even higher fuel prices, stating that the current rise is just the beginning....READ THE FULL ARTICLE HERE ▶▶
He emphasised that fuel prices will continue to rise and urged Nigerians not to lament the inevitable price hikes, as the government is committed to allowing market forces to dictate fuel prices.
According to Adebayo, President Bola Ahmed Tinubu is currently using the Nigerian National Petroleum Corporation (NNPC) to artificially lower prices, but this approach is unsustainable due to the NNPC’s financial struggles and mounting debt.
Adebayo, who had earlier predicted a sharp rise in petrol prices following the removal of the fuel subsidy, reiterated that the policy shift was a mistake.
As reported by Daily Independent, he argued that removing the subsidy would drive fuel prices to unsustainable levels, warning that market forces would make petrol unaffordable for the average Nigerian.
“One of the greatest mistakes you could make is to adopt a policy of removing the subsidy,” he remarked.
Why fuel subsidy removal is not good
Adebayo noted that his opposition to subsidy removal is rooted in the belief that the broader economic and social costs far exceed the financial burden it places on the government.
“If the removal of the subsidy is a good thing, then all of you should send a letter of congratulations to President Tinubu,” he said, referencing the widespread dissatisfaction following the policy shift.
Fuel hike: Shettima summons Lokpobiri, Kyari
Meanwhile, Legit.ng earlier reported that Vice President Kashim Shettima summoned an emergency meeting with the minister of state for petroleum resources, Senator Heineken Lokpobiri, and the NNPCL managing director, Kyari.
The emergency summons were due to the sudden hike in the cost of petrol.
