The presidential candidate of the Allied Peoples Movement (APM) and Oyo State Governor, Seyi Makinde, has rejected calls for the return of fuel subsidy, proposing instead that crude oil supplied to Nigerian refineries should be priced lower to reduce petrol costs.
Makinde spoke on Monday at the commissioning of the APM presidential campaign office in Abuja.
The governor said his proposal should not be mistaken for a call to restore the former subsidy regime. Rather, he wants crude produced in Nigeria and supplied to domestic refineries to be priced in a way that reflects the country’s status as an oil-producing nation.
President Bola Tinubu announced the removal of fuel subsidy on May 29, 2023, shortly after his inauguration. The policy triggered a sharp increase in petrol prices and contributed to higher living costs across the country.
Reacting to former Vice-President Atiku Abubakar’s recent pledge to restore fuel subsidy if elected president in 2027, Makinde argued that Nigeria could reduce petrol prices through a more transparent domestic crude pricing system.
He said, “Why should crude oil supplied to Nigerian refineries be priced as though Nigeria does not produce crude oil?”
According to Makinde, the benefit of Nigeria’s oil resources should be built into the system from the point of crude supply to domestic refineries rather than through what he described as an opaque intervention at the petrol pump.
He also called for greater transparency across the petroleum value chain, including crude production, domestic allocation, refining, transportation, distribution, taxes and retail margins.
“Nigerians should know what they are paying for, who receives what and where inefficiencies are increasing the final price,” he said.
Makinde said his “Reset Nigeria” agenda was aimed at ensuring that the country’s resources translate into measurable improvements in the lives of citizens.
The governor also dismissed suggestions that his presidential campaign lacked sufficient political strength, recalling how similar doubts were expressed when he first contested the Oyo State governorship.
He urged Nigerians, including traders, farmers, workers, youths and business owners, to join the “Reset Nigeria” campaign and contribute ideas on how the country can be better governed.
“Together, our votes will count,” Makinde said, adding that Nigeria’s resources should work for the benefit of Nigerians.
