SDP presidential candidate Adewole Adebayo has unveiled an ambitious economic promise ahead of the 2027 election, saying he will bring petrol, cooking gas and aviation fuel down to ₦200 per litre within 12 months of assuming office. Adebayo made the declaration in Abuja during an interview with the News Agency of Nigeria, outlining what he […]
SDP presidential candidate Adewole Adebayo has unveiled an ambitious economic promise ahead of the 2027 election, saying he will bring petrol, cooking gas and aviation fuel down to ₦200 per litre within 12 months of assuming office.
Adebayo made the declaration in Abuja during an interview with the News Agency of Nigeria, outlining what he described as a broader plan to reduce the cost of living and strengthen Nigeria’s domestic energy sector.
According to the presidential candidate, achieving the proposed price reduction would require the revival of Nigeria’s existing refineries and increased support for modular refineries. He said the approach would reduce the country’s reliance on imported refined petroleum products.
Adebayo argued that the age of Nigeria’s refineries should not be used as an excuse for failing to rehabilitate them, pointing to refineries in the United States that have continued operating for more than 100 years.
He proposed putting petrol, cooking gas and Jet A1 under a pricing regime that would prevent their prices from exceeding ₦200 per litre. He said this would be supported by a mechanism involving crude oil reserved for domestic consumption.
The SDP candidate said 450,000 barrels of crude oil would be allocated for domestic refining under his proposed arrangement. He explained that the resulting products would include petrol and other petroleum derivatives, with the sale of products such as naphtha, heavy fuel oil, diesel and kerosene generating revenue to sustain the pricing system.
Adebayo said his administration would also collaborate with the National Assembly to establish a legal and financial framework for using revenue from petroleum derivatives to support the arrangement.
He criticised Nigeria’s continued dependence on imported refined products at international prices, arguing that the country has the crude oil resources and existing infrastructure necessary to build a stronger domestic refining industry.
The SDP candidate also dismissed the argument that petrol subsidy removal by itself would solve Nigeria’s fiscal problems. He said his proposed administration would not treat subsidy as a conventional government economic programme.
Adebayo extended his proposed reforms beyond the petroleum sector, promising a transportation system that combines affordable fuel with expanded public transportation and rail services. He said workers and students would be able to use employment and student identification cards to access public transport.
He proposed that employers contribute six per cent of workers’ salaries towards transportation, while housing costs would be capped at seven per cent of workers’ salaries. He also promised free education and healthcare under his proposed administration.
The SDP candidate said agriculture and food security would equally receive priority, arguing that stronger investment in the sector would help make food more affordable and improve economic conditions for Nigerians.