Petrol could hit ₦5,000 under Tinubu, SDP’s Adebayo warns

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SDP presidential candidate in 2023, Adewole Adebayo

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Presidential candidate of the Social Democratic Party (SDP), Prince Adewole Adebayo, has warned that petrol prices could rise to ₦5,000 per litre if President Bola Tinubu wins a second term.

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Adebayo said the warning was based on the direction of the Federal Government’s economic policies, particularly the full deregulation of the petroleum downstream sector and continued floating of the naira.

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In a press release issued by his presidential campaign’s Chief Communications Adviser, Comrade Mark Adebayo, the SDP candidate said the policies were putting the economy on a hyper-inflationary path.

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He argued that without a major change in economic policy, a second Tinubu administration could push petrol prices to unprecedented levels.

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Adebayo said the continued depreciation of the naira was one of the major factors behind his projection, noting that petrol imports are priced in dollars.

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“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,” he said.

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“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 added.

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On the removal of fuel subsidies, Adebayo said the policy had left consumers exposed to fluctuations in international crude oil prices.

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“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.

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“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.

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“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.

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The SDP candidate described the economic hardship as a predictable consequence of adopting what he called “foreign IMF-style models” instead of policies focused on citizens.

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

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He further warned that the projected increase in petrol prices could become a reality if the current economic direction remained unchanged.

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“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.

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Adebayo also outlined what he said would be the economic priorities of his administration if elected in the 2027 presidential election.

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“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.

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