Deji Adeyanju Challenges APC to Restore Old Fuel Prices and Naira Value
Deji Adeyanju Challenges APC to Restore Old Fuel Prices and Naira Value.
Deji Adeyanju challenges APC to restore Nigeria’s former fuel prices and exchange-rate conditions, calling on the ruling All Progressives Congress to return petrol to ₦97 per litre and the dollar to about ₦200.
In a statement shared in a Facebook post attributed to the Nigerian activist, Adeyanju criticised the APC over the economic conditions Nigerians are experiencing and challenged the party to reverse the changes that have made fuel and foreign currency significantly more expensive.
The post has renewed debate over the removal of petrol subsidies, the depreciation of the naira and the rising cost of living.
Adeyanju’s remarks draw attention to the economic conditions Nigerians experienced before the APC took power in 2015 and the difficulties many households and businesses have faced following subsequent economic changes.
Adeyanju’s message challenges the APC to return to the fuel prices and exchange-rate levels associated with the period before the party assumed power.
The activist’s argument centres on the difference between the prices Nigerians experienced in the past and the costs they face today.
Petrol prices affect nearly every part of the Nigerian economy. Higher fuel costs can increase public transport fares, the cost of moving goods, electricity generation expenses for businesses and the prices consumers pay for everyday products.
For small businesses that depend on petrol-powered generators, higher fuel expenses can reduce profits and force owners to increase prices or cut operating costs.
The exchange rate also matters because Nigeria imports many goods, including machinery, industrial materials, medicines and components used by local manufacturers.
When the naira loses value against the dollar, importers generally need more naira to purchase the same amount of foreign currency. Depending on market conditions, businesses may pass some of those additional costs on to consumers.
Adeyanju’s challenge therefore touches on two issues that directly affect household budgets: the cost of energy and the purchasing power of the naira.
Historical records provide context for Adeyanju’s reference to ₦97 per litre.
On January 18, 2015, the Federal Government under former President Goodluck Jonathan announced a reduction in the official petrol pump price from ₦97 to ₦87 per litre.
The reduction followed a fall in international oil prices. Contemporary reporting by The Guardian Nigeria confirmed the change and explained the government’s stated reason for reducing the pump price.
Muhammadu Buhari was sworn in as president on May 29, 2015, beginning the APC’s first period in power at the federal level.
The historical record shows that petrol prices subsequently increased under the Buhari administration. In May 2016, the government introduced a new pricing framework that raised the official pump price from ₦87 to ₦145 per litre.
This history is important because it shows that fuel prices changed under different administrations and policies, rather than remaining at one fixed level throughout the period.
Adeyanju’s demand to return petrol to ₦97 is therefore a political call to restore a previous price level, not a description of the last official pump price immediately before the APC took office.
Adeyanju also referred to returning the dollar exchange rate to approximately ₦200.
Figures published by the Central Bank of Nigeria show that the naira traded at around ₦197 per dollar in the interbank market at the end of 2015. This provides historical context for the exchange-rate comparison in the activist’s message.
However, exchange rates varied across market segments, and the official rate was not always the same as the rate available through bureaux de change and other channels.
The CBN’s historical data also show that the naira depreciated over subsequent years, with further pressure emerging from foreign-exchange shortages, changes in monetary policy and wider economic conditions.
In 2023, the administration of President Bola Tinubu introduced major economic changes, including the removal of the petrol subsidy and moves towards a more unified foreign-exchange market.
These measures altered the way fuel prices and foreign currency were priced in Nigeria.
Returning the dollar to ₦200 would therefore require substantial changes in foreign-exchange supply, demand, confidence and other economic fundamentals. It would not happen simply through a political announcement.
On May 29, 2023, Tinubu announced during his inauguration speech that the petrol subsidy was gone.
The administration argued that the subsidy had become too costly and that public funds could instead support infrastructure, healthcare, education and employment.
Following the announcement, petrol prices rose sharply as the previous subsidy arrangement was dismantled and the market adjusted.
Supporters of subsidy removal have argued that it can reduce government expenditure and limit distortions in the petroleum market. Critics, however, have highlighted the immediate burden on households, workers and businesses, particularly where wages and incomes have not kept pace with higher prices.
The debate remains centred on whether the long-term benefits of the reforms can outweigh their costs for ordinary Nigerians and how effectively the government uses the money saved.
Adeyanju’s demand raises a wider question about political accountability and the promises governments make about economic improvement.
For many Nigerians, the most immediate concerns are the prices of food, transportation, electricity and other essentials. Changes in fuel prices and the exchange rate can affect all these areas, although the final impact also depends on local supply, competition, wages and other costs.
Restoring historical prices would be a significant economic undertaking. Any proposal to bring back fuel subsidies would need to address the cost to public finances, how the programme would be funded and whether the benefits would reach the people most in need.
Likewise, an exchange rate near ₦200 per dollar would require sustainable economic conditions rather than an isolated declaration.
Adeyanju’s remarks put pressure on the APC to explain how its economic policies should improve living standards and what Nigerians can reasonably expect from them.
The wider debate is not simply about returning to the prices of the past. It is also about whether government policies can deliver affordable energy, a more stable currency, better incomes and improved purchasing power.
For Nigerians facing rising household expenses, those outcomes remain central to judging the performance of any administration.
