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Oil Revenue: We can stop crude oil theft in one week- Prince Adebayo


Oil Revenue: We can stop crude oil theft in one week- Prince Adebayo

The Social Democratic Party's (SDP) presidential candidate, Prince Adewole Adebayo, claims that his administration will implement measures to reduce crude oil theft and increase national revenue within a week.

When asked what he could do to help solve the country's revenue problems, he made this bold claim.

“We are going to collect our lawful taxes from the various corporations,” Prince Adebayo stated, “but we won’t increase taxes because many businesses aren’t properly taxed, especially those in the mineral resources industry.

“So many businesses are functioning unlawfully that it is difficult to tax them. These businesses are also responsible for the widespread theft of the nation’s resources, including lithium and gold.”

In regards to eliminating subsidies, he stated that "by supporting the many commercial and modular refineries that are currently being built to run correctly, we will strengthen our self sufficiency in terms of supplies.

“Unfortunately, management of the subsidy has become welfare package for the people who are close to the presidency as most of the supplies that are being paid for by the Federal Government are fictional.”

He also stated that petroleum product pricing should be regulated so that Nigerians can afford the products once we are fully operational.

“We need to govern our resources and guard them jealously by making sure that our resources are properly taxed and improve our revenue generated.”

“We are receiving only seven percent of the taxes on the mineral resources. We can’t complain of exhausting our options in terms of revenue when we have not regulated taxes and solve supply of crude domestically” he said.

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