Nigerians Will Buy Fuel At N5k Per Liter If Tinubu Is Re-Elected – SDP Candidate, Adebayo

Social Democratic Party (SDP) presidential candidate, Prince Adewole Adebayo, has warned that petrol prices could rise to as much as ₦5,000 per litre if President Bola Tinubu secures a second term in office.

Adebayo made the projection in a statement issued by his Presidential Campaign’s Chief Communications Adviser, Comrade Mark Adebayo.

He attributed the potential increase to the Federal Government’s deregulation of the downstream petroleum sector and the floating of the naira, which he said could further weaken the currency and increase the cost of importing petrol.

According to him, Nigeria’s dependence on imported petroleum products means fluctuations in the exchange rate directly affect the cost of fuel.

“Petrol in Nigeria is imported and priced in United States Dollars ($). As long as the Central Bank allows the Naira to float without strong local production backing it, the currency will continue to weaken.

“If the exchange rate hits ₦3,500 to $1 in the coming years, the landing cost of fuel alone will exceed ₦4,000. You cannot have economy illiterates running your country and expect the people not to suffer. They don’t understand how to run a developing economy in a complex modern global dynamics. The realities are faster than their capabilities can operationalise,” he said.

Adebayo also criticised the removal of fuel subsidies, arguing that the policy had left consumers exposed to international crude oil price fluctuations.

“The current policy completely removes the government’s ability to cushion international oil price shocks. If global crude prices spike due to geopolitical tensions, Nigerian consumers will bear 100% of the burden at the pump which automatically triggers a compounded inflation spiral,” he said.

He explained that higher petrol prices could increase transportation costs, which would subsequently affect food prices and other essential goods.

“High fuel costs drive up transport inflation. Transport inflation drives up food inflation. This vicious cycle reduces the purchasing power of the Naira, forcing marketers to raise prices just to break even against operational costs,” Adebayo said.

He further pointed to high interest rates and poor infrastructure as additional factors that could increase the cost of petrol imports.

“High interest rates from the Central Bank mean oil marketers are borrowing at exorbitant rates to fund imports. These financing fees, alongside decaying port and distribution infrastructure, add hundreds of Naira in hidden costs to every liter of fuel,” he said.

Adebayo described the current economic hardship as a consequence of what he called the government’s reliance on “foreign IMF-style models” rather than policies focused on domestic production.

“We cannot run an economy purely on taxes, subsidy removal, and currency devaluation without producing anything internally,” he said.

He maintained that a ₦5,000 per litre petrol price was a possible outcome of the current economic direction.

“A ₦5,000 fuel price is not a myth; it is basic mathematics based on the direction the Tinubu administration is walking. If Nigerians do not demand a change in economic philosophy, the pump price will catch up to this reality sooner than expected,” he said.

The SDP candidate also outlined his proposed approach to the petroleum sector, saying that if elected, his administration would seek to revive local refining through public-private partnerships and introduce targeted measures to cushion the impact of fuel prices on Nigerians.

“When elected into office next year, my administration will immediately revive local refining capacity through transparent public-private models, and reintroduce targeted cushions to protect regular Nigerians from economic collapse,” he said.