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OIL AND GASECONOMYPOLITICSTECHNOLOGY

Fuel Price Hike: SDP’s Adebayo Insists on Regulation of Pricing, Says His Administration Will Support Modular Refineries

The Social Democratic Party (SDP) Presidential Candidate in 2023 general elections, Prince Adewole Adebayo has insisted on Federal Government regulation of petroleum products pricing.

Prince Adewole Adebayo in an interview stated that Petroleum price must be regulated in order to make it affordable for Nigerians.

His words: “We need to govern our resources and guard them jealously by making sure that our resources are properly taxed and improve our revenue generated.”

“We are receiving only seven percent of the taxes on the mineral resources. We can’t complain of exhausting our options in terms of revenue when we have not regulated taxes and solve supply of crude domestically”.

On Petroleum Subsidy removal, he stated that “by supporting the many commercial and modular refineries that are currently being built to run correctly, we will strengthen our self sufficiency in terms of supplies.

“Unfortunately, management of the subsidy has become welfare package for the people who are close to the presidency as most of the supplies that are being paid for by the Federal Government are fictional.”

According to him, So many businesses are functioning unlawfully that it is difficult to tax them. These businesses are also responsible for the widespread theft of the nation’s resources, including lithium and gold.

READ ALSO : 2023: On Police Reform; My Govt Will Employ Best Mind – SDP Presidential Candidate, Adebayo

He said his administration will implement measures to reduce crude oil theft and boost national revenue.

When asked what he could do to solve the nation’s revenue problems, SDP Presidential Candidate said federal government will not increase taxes to raise revenue.

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