The presidential candidate of the Allied Peoples Movement and Oyo State Governor, Seyi Makinde, has opposed calls for a return to fuel subsidy, proposing cheaper domestic crude pricing as an alternative for reducing petrol prices in Nigeria.
Makinde made his position known on Monday while speaking 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, which he argued created an opaque system of government intervention.
Instead, he advocated a pricing framework that would allow crude oil supplied to Nigerian refineries to be priced differently, taking into account Nigeria’s status as an oil-producing country.
His comments come amid renewed debate over fuel subsidy ahead of the 2027 presidential election.
Former Vice-President Atiku Abubakar, who had campaigned in 2023 on a promise to remove fuel subsidy, has now pledged to restore the policy if elected president, saying it would help cushion the impact of its removal on Nigerians.
President Bola Tinubu announced the removal of fuel subsidy on May 29, 2023, during his inauguration.
The policy resulted in a significant increase in petrol prices and contributed to higher transportation and living costs, although the Federal Government has maintained that the reform has delivered economic benefits.
Reacting to the renewed debate, Makinde questioned why crude supplied to domestic refineries should be priced as though Nigeria were an oil-importing country.
He argued that the country’s oil resources should provide a direct and measurable benefit to Nigerians.
“If a community grows food, the people of that community should not have to buy that food as though it travelled halfway around the world before reaching them.
“So why should crude oil supplied to Nigerian refineries be priced as though Nigeria does not produce crude oil? Nigeria’s oil must provide a real and measurable benefit to Nigerians,” he said.
Makinde said such benefits should be incorporated into the petroleum pricing system from the beginning through the price at which crude is supplied to domestic refineries.
He opposed relying on interventions at the pump after costs, inefficiencies and other distortions had already been added to the final price.
“That is not my position. Let me explain my position very simply with this example,” he said.
The governor also called for greater transparency across the petroleum value chain, including crude production, domestic crude allocation, refining, transportation, distribution, taxes and retail margins.
“Nigerians must be able to see how the final price is reached,” he said.
According to Makinde, Nigerians should know what they are paying for, who receives the money and where inefficiencies are contributing to higher petrol prices.
He said the proposal formed part of his Reset Nigeria agenda, which he stated is an effort to make government more transparent and accountable.
Makinde also used the occasion to appeal to Nigerians to participate in the political conversation ahead of the 2027 election.
He dismissed suggestions that his presidential campaign was insignificant, recalling that similar doubts surrounded his first attempt to become governor of Oyo State.
According to him, those who underestimate his campaign are also underestimating millions of Nigerians who want better governance and improved economic conditions.
He identified traders, farmers, workers, young Nigerians and small-business owners among those affected by rising costs.
“But we count. Our voices count. Our experiences count. Our ideas count. And, together, our votes will count,” Makinde said.
He urged Nigerians to join the Reset Nigeria campaign and contribute ideas on how to address the country’s challenges.
Makinde said the campaign should not be limited to politicians but should involve Nigerians in homes, markets, schools, offices, farms, factories and communities.
“They may discount one candidate. But they cannot discount millions of Nigerians united behind a better future,” he said.
He added that his administration would pursue a Nigeria where government is transparent, leadership is accountable and the country’s natural resources deliver tangible benefits to its citizens.