Prince Adewole Adebayo, the 2023 presidential candidate of the Social Democratic Party, has asserted that the volume of crude oil stolen and unaccounted for in Nigeria is substantial enough to sustain domestic petrol prices at N200 per litre. Speaking during a media briefing in Abuja on Sunday, the opposition figure argued that the country`s vast natural wealth is being mismanaged to the detriment of ordinary citizens who are currently grappling with unprecedented economic hardship.

Adebayo strongly criticised the federal government`s policy of tying domestic fuel prices to global market rates, describing the practice as unfair and illogical for a major oil-producing nation. He contended that it is inherently unjust to subject local consumers to the same pricing mechanisms as non-oil-producing nations like China and Australia, especially when Nigerian citizens do not earn international-level incomes to match such costs.

The SDP leader further condemned the official defense of current pricing models, labeling any administration that claims Nigerians must pay international rates as insensitive to the plight of the masses. He emphasized that the primary benefit of being an oil-rich nation should be the local availability of affordable, refined petroleum products rather than the continuous exportation of financial burdens to the citizenry.

Adebayo also pointed out the environmental and economic contradictions visible in oil-producing communities, where locals are forced to watch natural gas being flared in front of them while being told they cannot enjoy subsidised fuel. He maintained that a responsible governance framework would prioritize securing the nation`s pipelines and redirecting stolen crude resources toward funding a sustainable domestic subsidy program.

These remarks have sharply reignited the national debate over energy subsidies as political stakeholders begin aligning ahead of the 2027 presidential election cycle. Adebayo’s position directly counters the firm stance of the current administration regarding the permanent deregulation of the downstream petroleum sector and the removal of the controversial subsidy regime.

The counter-narrative from the opposition comes immediately after President Bola Ahmed Tinubu, during a campaign rally in Kaduna on Saturday, reiterated that the fuel subsidy is gone for good. The President urged Nigerians not to be misled by political rhetoric, maintaining that the removal was a necessary economic intervention required to free up resources for critical national infrastructure and developmental projects.

As the political tug-of-war intensifies, other prominent opposition figures, including Atiku Abubakar, have similarly advocated for a structured return of the subsidy to cushion the effects of inflation. The policy debate remains highly sensitive for millions of citizens, as retail petrol prices currently trade between N1,370 and N1,429 per litre in the federal capital, driving up transportation costs and the general cost of living across the federation.