Kenneth Okonkwo hails Atiku, defends subsidy plan

The Social Democratic Party presidential candidate, Adewole Adebayo, has criticized the Nigerian government's announcement of a 30-day fuel price discount, alleging that it has created four additional problems. During an appearance on Channels Television’s Inside Sources, Adebayo stated that the government's move is indicative of their confusion.

He explained that the government's decision to provide the discount has implications for the Profit and Loss account of the Nigerian National Petroleum Company Limited (NNPCL). According to Adebayo, NNPCL operates on a cost-based pricing model, selling fuel at their acquisition cost. The politician pointed out that there are concerns over who determines NNPCL's cost, given that the company's cost has already surpassed the purchasing power of the general public.

Adebayo warned that if NNPCL's cost rises further, fuel prices could soar to N2000 or even N5000 by the same time next year. He argued that instead of unveiling a press conference to address the issue, the government should convene a meeting to provide guidance on how to navigate the situation over the next few months. Adebayo also questioned the sustainability of financing marketers during the discount period, asking about the source of the financing.