The African Democratic Congress has proposed restoring fuel subsidy and cutting petrol prices to between N400 and N500 per litre, Senator Dino Melaye has said.
Melaye, a chieftain of the ADC, said the proposal was aimed at reducing the cost of living and making Nigeria more affordable for citizens.
He stated this during an interview on Democracy Today, an AIT programme, on Monday.
The former lawmaker said the high cost of petrol had affected transportation, movement of goods, aviation and other sectors of the economy.
“Let’s go back to what we want to do. First, the ADC is coming to make Nigeria once again affordable. That is our principal objective,” Melaye said.
He said the party’s proposed policy would reduce petrol prices from the current level of about N1,400 per litre to between N400 and N500.
According to him, the reduction would have a ripple effect on the prices of goods and services across the country.
“Everything is around this subsidy. Once transportation is affected, movement of goods and commodities is affected.
“Aviation fuel is also affecting movement in the air. So, this fuel you are looking at is actually the interconnector to every other facet of your economy,” he said.
Melaye argued that what was previously described as fuel subsidy had, in his view, largely involved corruption and diversion of public resources.
“So, what we intend to do is that at the initial, there is no subsidy. What you have is corruption. It’s money being stolen.
“So, instead of the corruption, we are replacing corruption now by leveraging on the people,” he said.
Asked directly whether the ADC would restore fuel subsidy, Melaye replied, “We are bringing back subsidies 100 per cent because subsidies, there is nothing like subsidies. What we have is corruption.”
He said the proposed arrangement would redirect public resources towards Nigerians and lower the prices of petroleum products.
Melaye said the policy would cover products including petrol, diesel, kerosene and aviation fuel.
“And by so doing, the positive concomitant effect is that there will be a reduction in the price of petroleum products.
“DPK, kerosene, diesel, jet fuel and PMS petrol. And once there is reduction from 1,400, you start buying fuel at 500 or at 400, definitely it’s going to have a resultant effect on every other facet, including price of goods and commodities,” he said.
The ADC chieftain also questioned the Federal Government’s borrowing levels, comparing borrowing under former President Muhammadu Buhari with the current administration.
“During Buhari, with fuel subsidy, please take note of this, with foreign subsidy, Buhari borrowed 87 trillion Naira.
“Today, in three years, without subsidy, not paying subsidy, borrowed 157 trillion. Why will you be borrowing when you are making more?” Melaye asked.
He maintained that restoring the subsidy, as proposed by the ADC, would make essential goods and services more affordable for Nigerians.
Never miss a moment! Get the stories shaping Nigeria, delivered straight to your phone. Follow Peoplesdaily Newspaper on WhatsApp for breaking news, exclusive reports, and the headlines everyone will be talking about, before anyone else.
