Prince Adewole Adebayo, the Social Democratic Party (SDP) Presidential candidate for the 2023 February polls has said that within a week, his administration will implement measures to reduce crude oil theft and boost national revenue if elected.

When asked what he could do to solve the nation’s revenue problems, he made this audacious 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 said that pricing of petroleum products must be regulated so that Nigerians can afford the products once we become 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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