SDP’s Adebayo: Nigerians Will Buy Fuel at N5k per Liter if Tinubu Wins 2nd Term
Presidential Candidate of the Social Democratic Party (SDP), Prince Adewole Adebayo, has warned that the price of Premium Motor Spirit PMS, commonly known as petrol, could soar to ₦5,000 per liter if President Bola Tinubu secures a second term in office. Adebayo, in a Press Release by his Presidential Campaign’s Chief Communications Adviser, Comrade Mark […]
Prince Adewole Adebayo, the Presidential Candidate of the Social Democratic Party (SDP), has warned that fuel prices in Nigeria could skyrocket to ₦5,000 per liter if President Bola Tinubu wins a second term. In a press release, Adebayo highlighted that the current administration's economic policies, including the deregulation of the petroleum downstream sector and the floating of the Naira, have led Nigeria's economy towards hyperinflation.
Without reversing these policies, he predicts that fuel prices will soar to unprecedented levels. Adebayo explained that petrol in Nigeria is imported and priced in US dollars, and as long as the Naira continues to weaken due to floating exchange rates, fuel prices will inevitably rise. He emphasized that the current administration's lack of understanding in managing a developing economy leaves regular Nigerians vulnerable to the economic hardships.
Adebayo called for the revival of local refining capacity and targeted subsidies to protect citizens from the impending economic collapse.
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