Prince Adewole Adebayo, the presidential candidate of the Social Democratic Party (SDP), has said the volume of crude oil stolen or unaccounted for in Nigeria could have been used to subsidise petrol prices at ₦200 per litre.
Adebayo made the statement on Sunday during a briefing with journalists in Abuja, where he criticised the practice of selling petroleum products to Nigerians at international market prices despite the country’s crude oil resources.
He argued that Nigeria, as a major oil-producing country, should be able to provide refined petroleum products to its citizens at affordable prices rather than subjecting them to the same prices paid in countries without crude oil resources.
“Any government that says to you we should buy petrol in Nigeria at international market rates, that person, that government is a liar. It’s wicked and irresponsible,” he said.
Adebayo maintained that the volume of stolen crude oil could have provided enough resources to support a petrol subsidy scheme that would keep prices at ₦200 per litre.
“The amount of stolen crude in Nigeria would have been used for fuel subsidy at ₦200 per litre, not international price,” he added.
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He questioned why Nigerians should pay international prices for crude oil extracted from their own soil, particularly when many citizens do not earn incomes comparable to those in countries with stronger economies.
His comments come amid renewed debate over fuel pricing and subsidy policy ahead of the 2027 general elections.
President Bola Ahmed Tinubu reiterated during a campaign rally in Kaduna on Saturday that the fuel subsidy had been permanently removed, urging Nigerians not to believe claims suggesting otherwise.
Meanwhile, opposition figures, including Atiku Abubakar of the African Democratic Congress (ADC), have advocated the return of fuel subsidies.
Petrol prices remain a major concern for households and businesses amid the rising cost of living. In Abuja, petrol was reported to be selling between ₦1,370 and ₦1,429 per litre, further intensifying public debate over the affordability of petroleum products.
