Subsidy: Ex-Presidential Candidate Warns Nigerians, Predicts “Fuel Prices Will Keep Rising”

• Nigerians are currently battling with the rising cost of living, electricity tariff and fuel hike occasioned by the economic policies of Bola Tinubu's government
• SDP's Adewole Adebayo has, however, warned Nigerians to brace up for more challenges as fuel prices will continue to rise
• Adebayo, a former presidential candidate, shared his reason and criticised Tinubu's decision on fuel subsidy removal

Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements.

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.

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.

Read also

Again, Tinubu defends petrol subsidy removal, launches CNG priced at N230 per litre

Why fuel prices will keep rising

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.

Read also

Nigerian gov's aide advises Tinubu to reduce fuel price to N300 per litre, gives reason

“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.

Read more about fuel hike here:

• Fuel hike: Ogun govt rolls out 100 CNG buses to transporters
• Nigerian gov's aide advises Tinubu to reduce fuel price to N300 per litre, gives reason
• Marketers give actual cost of petrol, anticipate impact on Dangote refinery fuel price

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.

Proofreading by Nkem Ikeke, journalist and copy editor at Legit.ng.

Source: Legit.ng