The Social Democratic Party (SDP) presidential candidate, Adewole Adebayo, has said Nigeria has been getting the fuel subsidy system wrong, arguing that removing the subsidy without addressing control over fuel supply would not solve the country’s problems.
Adebayo made the remarks on Tuesday during an interview on Channels Television’s Politics Today, while discussing President Bola Tinubu’s decision to remove the petrol subsidy after assuming office on May 29, 2023.
According to him, subsidy is primarily a financial mechanism and not a physical commodity such as petrol. He argued that removing the subsidy would be ineffective if the government did not have adequate control over fuel supply.
“When I said don’t remove the subsidy, he was arguing with me that it must be removed and he will sell NNPC. Where will the subsidy come from now?
“Subsidy is an account in government. Subsidy is not petrol. Subsidy will fail anytime you have no control over the supply. What we are saying is that we are going to guarantee supply,” Adebayo said.
He maintained that the focus should be on ensuring a stable and adequately controlled fuel supply rather than simply eliminating subsidy payments.
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