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Senator Dino Melaye, a chieftain of the African Democratic Congress (ADC), has defended the party’s plan to restore the fuel subsidy, arguing that the policy is designed to make living in Nigeria affordable again.
Melaye stated that bringing back the subsidy would crash petrol prices from the current rate of around N1,400 per litre down to between N400 and N500, which would significantly reduce the cost of goods and services nationwide.
He made the assertions during an appearance on Africa Independent Television’s (AIT) Democracy Today program on Monday.
According to the former lawmaker, high energy costs have severely disrupted transportation networks, commodity movements, aviation fuel, and overall economic performance.
“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. We want to make Nigeria affordable again. Today, I don’t need to tell you, there’s no APC markets. There’s no APC petrol station. Even those salty APC, including my brother here, we all go to the same market. If he lives here and he’s going to fuel his car, he will buy it at 1,400. So, everybody is concerned that you have moved us from hunger into fasting, compulsory fasting,” Melaye stated.
He explained that fuel prices directly drive broader economic activity, serving as the core link across all sectors of the economy.
“The country is completely gone, economically and otherwise. What ADC is saying is that we are going to make Nigeria affordable again by bringing back foreign subsidies. I was trying to come into that. 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 noted.
Melaye further asserted that what is commonly labeled as a subsidy was largely characterized by systemic corruption and diverted 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. What corrupt individuals, few people are taking away, we are taking it back,” he added.
When asked if the ADC plans to fully reintroduce the subsidy, Melaye responded: “We are bringing back subsidies 100% because subsidies, there is nothing like subsidies. What we have is corruption.”
He noted that reallocating these funds would lower energy costs for ordinary citizens and trigger lower prices across all essential commodities.
“We put few people stealing our common patrimony, stealing our common wealth and taking it away. Atiku is saying, I am going to take this thing from these few people and then giving it back to you, the people. 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. Nigerians will now start having an affordable lifestyle because what is happening is stealing,” Melaye said.
The ADC chieftain also criticized the Federal Government’s debt accumulation, comparing national borrowing figures under former President Muhammadu Buhari with the present administration.
“During Buhari, with fuel subsidy, please take note of this, with foreign subsidy, Buhari borrowed 87 trillion Naira. With fuel subsidy. Without foreign subsidy. And Buhari mind you, in eight years, with fuel subsidy, he borrowed 87 trillion. Today, in three years, without subsidy, not paying subsidy, borrowed 157 trillion. Why will you be borrowing when you are making more?” Melaye questioned.
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