Senator Dino Melaye, a chieftain of the African Democratic Congress (ADC), has said petrol prices could fall to between ₦400 and ₦500 per litre if the party’s proposed fuel subsidy policy is implemented under an Atiku Abubakar-led government.

Melaye made the statement during an appearance on Democracy Today, an AIT programme, on Monday, while explaining the ADC’s economic agenda ahead of the 2027 general elections.

According to him, the proposed restoration of fuel subsidy is aimed at making Nigeria more affordable by reducing the cost of petroleum products and easing pressure on transportation and the prices of goods and services.

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Melaye said the high cost of petrol has affected several sectors of the economy, including transportation, movement of goods, aviation and other businesses.

“Everything is around this subsidy. Once transportation is affected, movement of goods and commodities is affected,” he said.

He added that aviation fuel was also contributing to increased costs within the aviation sector, describing petroleum products as an important link across different areas of the economy.

Defending the ADC’s position on subsidy, Melaye argued that resources which he alleged were previously lost to corruption could instead be redirected towards Nigerians through the proposed policy.

“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 whether the ADC would restore fuel subsidy, Melaye said the party intended to bring it back fully.

“We are bringing back subsidies 100% because subsidies, there is nothing like subsidies. What we have is corruption,” he said.

Melaye further linked the proposed policy to the price of petrol and other petroleum products.

He said the policy would result in a reduction in the price of Premium Motor Spirit (PMS), diesel, kerosene, aviation fuel and other petroleum products.

“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,” Melaye said.

He argued that cheaper petrol would reduce transportation costs and contribute to lower prices of goods and commodities.

Melaye also questioned the Federal Government’s borrowing levels, comparing borrowing under former President Muhammadu Buhari, when fuel subsidy was in place, with borrowing under the current administration.

He claimed that Buhari’s administration borrowed ₦87 trillion over eight years with fuel subsidy, while the current administration had borrowed ₦157 trillion without subsidy.

Vice President Kashim Shettima has assured Costa Rican candidate for the position of United Nations Secretary-General, Rebeca Grynspan, that Nigeria will support a candidate based on equity, justice and fairness.

Shettima gave the assurance when he met with Grynspan shortly before returning to Nigeria from New York, United States.

The Vice President said Nigeria’s position would also be guided by the need to promote Africa’s aspirations in global affairs, particularly its quest for representation in key decision-making bodies.

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According to him, Nigeria will support a candidate who believes in multilateralism, conflict prevention and the promotion of peace.

Shettima said he would recommend Grynspan’s candidature based on several factors, including Nigeria’s relationship with Latin America and the importance of gender inclusion.

“Thank you for seeking Nigeria’s perspective for your candidature of the United Nations Secretary-General. Nigeria and Costa Rica share a common historical background connecting both countries and their regions.

“We also have a cordial relationship with Latin America, and we do not wish to jeopardise it. Beyond our historical ties and relations rest our interest in conflict prevention, multilateralism, and the peace of our nations,” the Vice President said.

Shettima also called for reforms to the global governance architecture, noting that the international system has changed significantly since 1945 but has yet to adequately reflect Africa’s growing population and interests.

He stressed the need for greater African representation in key global decision-making institutions.

Earlier, Grynspan, who met with Shettima to seek Nigeria’s support for her candidature, said she was prepared to lead reforms at the United Nations, particularly those being demanded by countries in the Global South.

“Coming from the Global South, I represent the interest and demands of the region. I also have a soft spot for Africa. I know the continent and its aspirations,” she said.

The Costa Rican candidate said her agenda would prioritise peace and pledged to give urgent attention to Africa’s ambition of becoming a permanent member of the United Nations Security Council.

The meeting was held in New York as part of Shettima’s engagements before his return to Nigeria.

A chieftain of the African Democratic Congress, ADC, Dino Melaye, has accused the administration of President Bola Tinubu of misrepresenting the impact of the Nigerian Education Loan Fund, NELFUND, on students across the country.

Melaye described NELFUND as a “haven of corruption,” alleging that billions of naira allocated to the student loan programme were not being adequately accounted for.

Speaking on the programme, the ADC chieftain challenged the Federal Government’s claim that it was paying students’ school fees through NELFUND.

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According to him, the amount he said was being given to students was inadequate to cover the cost of education in Nigerian public universities.

“The NELFUND he’s talking about—the student loan program—is a heaven of corruption.

“It is… if you see the volume of hundreds of billions allocated for that purpose, I can tell you, and I want to be sued, that the entire program is a baggage of fraud.

“And you are saying you are giving… paying students school fees? It’s a bogus lie! It’s not true,” Melaye said.

He questioned the adequacy of the reported ₦20,000 support, asking which government-owned university currently charges ₦20,000 as annual tuition.

“What NELFUND is giving to Nigerian students is ₦20,000 per student. Which government school today takes ₦20,000 annual school fees?” he asked.

Melaye noted that students are required to make payments across different semesters, arguing that the amount was insufficient to meet their educational and transportation needs.

He cited the example of a student living in Suleja and attending the University of Abuja in Gwagwalada, saying the ₦20,000 support would not even cover the student’s transportation costs for an extended period.

“You have a child who lives in Suleja and schools in the University of Abuja, that ₦20,000, at these times, cannot take him from Suleja to Gwagwalada and back home,” he said.

The ADC chieftain also questioned the monitoring and evaluation mechanisms surrounding the student loan programme and challenged NELFUND to publicly disclose the names of beneficiaries.

“What is the monitoring and evaluation? I challenge them to publish the names of Nigerian students that have benefited from that program,” Melaye said.