ABUJA, NIGERIA — Accord Party presidential candidate Gbenga Olawepo-Hashim has declared that petrol would not sell above N610 per litre under his administration, arguing that a sustainable starting price of N605 is achievable without reducing government revenue or Federation Account allocations .
Hashim, who has consistently opposed the removal of petrol subsidy, said the price could eventually fall to between N200 and N300 per litre if production costs and exchange rates are stabilised . He described the previous justification for subsidy removal as “accounting magic,” maintaining that Nigeria must first establish the genuine cost of producing, refining, transporting and distributing petrol before declaring that government is subsidising consumers .
“Any time you sell a product above its legitimate cost of production, refining, transportation and insurance, you cannot call the difference between that price and an international benchmark a subsidy loss. That is opportunity cost,” Hashim said .
The Accord candidate called for an independent forensic audit of Nigeria’s petroleum cost structure, covering crude production, contracting, procurement, refining, transportation, storage, insurance, pipeline operations and distribution . “Show Nigerians the books. Publish the production cost. Publish refinery cost. Publish transportation. Publish insurance. Publish every margin. Let the data speak,” he said .
Hashim argued that Nigeria’s high petroleum costs should not simply be passed on to consumers without examining the factors behind them. He questioned the country’s relatively high production costs compared with major oil-producing economies, citing contracting, procurement, insecurity, operational inefficiency and possible cost inflation as areas requiring scrutiny .
He said Nigerians were effectively paying twice for the weaknesses of the petroleum sector: first through inefficient and inflated production costs, and again through higher prices at the pump . “The Nigerian people should not pay for inefficiency twice. They should not pay for inflated costs inside the system and then be told that the resulting high price is the inevitable consequence of subsidy removal,” he stated .
Hashim said his proposed pricing framework would be based on two fundamental variables: an appropriate production cost and an appropriate exchange rate . He said his administration would target an exchange rate of between N525 and N700 to the US dollar, arguing that exchange-rate stability would substantially reduce the naira cost of petroleum-sector inputs and the wider economy .
“We will achieve this strictly by ensuring appropriate production cost and appropriate exchange rate,” he said .
He stressed that the proposed reduction would not be financed by reducing government revenue. “The reduction will not be at the detriment of government revenue or below current FAAC. We are not going to make petrol cheaper by making government poorer,” Hashim said .
According to him, the objective is to reduce the underlying cost of production rather than simply transfer the cost from government accounts to consumers. He argued that lower energy costs could stimulate production, reduce transportation and manufacturing costs, increase household purchasing power and expand the economic base from which government generates revenue .
“Our objective is not simply cheap petrol. Our objective is a productive Nigerian economy in which affordable energy, stronger production and stronger government revenue reinforce one another,” Hashim said .
Despite his campaign, Hashim’s candidacy has been disputed by his party. In June, Accord Party national chairman Maxwell Mgbudem disowned Hashim as the party’s presidential candidate for the 2027 elections, stating that no presidential primary was conducted and no aspirant purchased nomination forms before the deadline . Nevertheless, Hashim has continued to campaign on the Accord platform .
