A chieftain of the African Democratic Congress (ADC), Senator Dino Melaye, has said the party plans to restore fuel subsidy to reduce the price of petrol from about N1,400 to between N400 and N500 per litre.
Melaye said the proposed policy was aimed at making Nigeria more affordable for citizens and reducing the cost of living.Download Interactive Maps
He made the remarks during an interview on Democracy Today, an AIT programme, on Monday.
According to him, the high cost of petroleum products has increased transportation costs, affected the movement of goods and services and contributed to rising prices across various sectors of the economy.
Melaye said the ADC’s objective was to make life more affordable by reducing the cost of fuel and its impact on the economy.
He argued that lower fuel prices would reduce transportation costs and lead to a corresponding reduction in the prices of goods and commodities.
The former lawmaker also maintained that what had been described as fuel subsidy in Nigeria was largely associated with corruption and the diversion of public funds.
He said the ADC intended to redirect resources allegedly taken by a few individuals towards the welfare of Nigerians.
Melaye stated that the proposed subsidy policy would cover petroleum products, including petrol, diesel, kerosene, aviation fuel and other products.
He said reducing petrol prices to between N400 and N500 per litre would have a positive effect on the economy and improve the purchasing power of citizens.
The ADC chieftain also questioned the country’s borrowing levels, comparing the loans obtained under former President Muhammadu Buhari with those recorded under the current administration.
He claimed that Nigeria borrowed N87 trillion during Buhari’s eight-year administration when fuel subsidy was in place, while borrowing had risen to N157 trillion within three years under the current administration, despite the removal of the subsidy.Download Interactive Maps
Melaye questioned the rationale for continued borrowing despite the removal of fuel subsidy.
