Adebayo Warns Petrol Could Hit N5,000 If Tinubu Wins Again

(SDP presidential candidate, Adewole Adebayo. Photo Credit: Vanguard News)

The Social Democratic Party presidential candidate has warned that petrol prices could reach 5,000 naira per litre if President Bola Tinubu wins a second term.

Prince Adewole Adebayo said the warning is based on the government's economic policies, particularly full deregulation of the petroleum sector and the continued floating of the naira against the dollar.

He argued that these policies are pushing the economy towards severe inflation.

Without major changes, a second Tinubu administration could drive petrol prices to levels never seen before.

The main factor behind his projection is the continued weakening of the naira.

Since petrol is imported and priced in dollars, as the naira gets weaker, fuel costs rise.

He said if the exchange rate reaches 3,500 naira to one dollar, the cost of importing fuel alone will exceed 4,000 naira per litre.

On the removal of fuel subsidies, Adebayo said the policy leaves consumers exposed to global crude oil price changes.

When international oil prices spike due to political tensions, Nigerians bear the full cost at the pump, triggering inflation spirals.

High fuel costs increase transport costs.

Transport inflation drives up food prices.

This cycle reduces what the naira can buy, forcing traders to raise prices just to cover their costs.

High interest rates from the Central Bank also mean fuel marketers borrow at high rates to import fuel, adding hidden costs to every litre.

He described the economic hardship as a predictable result of adopting what he called foreign IMF-style models instead of policies focused on ordinary people.

He said the country cannot run an economy purely on taxes, subsidy removal and currency devaluation without producing things locally.

A 5,000 naira fuel price is not fantasy but basic maths based on where the Tinubu administration is heading.

If elected in 2027, Adebayo said his administration would immediately revive local refining through transparent public-private arrangements and reintroduce targeted support to protect regular Nigerians from economic collapse.