By Lanre Oloyede
The presidential candidate of the Social Democratic Party (SDP) in the 2027 general elections, Prince Adewole Adebayo, has said Nigeria’s crude oil resources must primarily serve the needs of Nigerians, particularly by ensuring affordable and reliable access to petroleum products.
Adebayo made the position against the backdrop of rising petrol prices across the country, drawing attention to the energy proposals contained in his policy blueprint, Farewell to Poverty and Insecurity: Governance and Accelerated Development.
The blueprint proposes increased domestic refining, lower logistics costs and stronger competition as key measures for reducing the cost of petrol, diesel and aviation fuel.
At the centre of the proposal is the principle that “Nigeria’s oil must first serve Nigerians,” with government expected to ensure that locally produced crude is made available to functioning domestic refineries through transparent and reliable arrangements.
Adebayo’s plan calls for the publication of crude allocations, enforcement of supply agreements and removal of avoidable bottlenecks that increase the cost of transporting crude and refined products.
It also proposes that any tax relief, preferential crude supply or other government concession granted to refineries should translate into tangible benefits for consumers through lower pump prices.
Rather than relying on arbitrary controls of petrol prices, the SDP candidate proposes reducing costs by increasing domestic production, improving transportation and distribution networks, expanding storage capacity and promoting competition among market operators.
The blueprint places particular emphasis on diesel, describing it as critical to manufacturing, agriculture, telecommunications, construction, logistics and small businesses.
It therefore proposes increased domestic diesel production and the removal of unnecessary taxes, charges and distribution costs that add to the final price paid by businesses and consumers.
Adebayo’s energy strategy also includes greater utilisation of Nigeria’s abundant gas resources for electricity generation, transportation, industrial activities and household cooking.
The plan further proposes measures to reduce gas flaring and expand the domestic use of gas as part of efforts to improve energy access and reduce dependence on more expensive energy sources.
Under its proposed first 18-month targets, the blueprint envisages increased crude supply to domestic refineries, higher local production of petroleum products, stronger strategic reserves and reductions in avoidable logistics costs.
The document argues that the ultimate measure of the country’s energy policy should be whether fuel is consistently available at lower cost and whether reductions in energy and transportation expenses begin to ease the cost of doing business.
Adebayo’s proposals come as consumers and businesses continue to contend with the impact of higher petroleum product prices, which have implications for transportation, food distribution, manufacturing and household expenses.
