Makinde Opposes Fuel Subsidy and Proposes Cheaper Crude Prices for Nigerians

The Oyo State Governor and presidential candidate of the Allied Peoples Movement, Seyi Makinde, has said no to bringing back fuel subsidy. Instead, he wants to focus on pricing domestic crude to lower petrol costs for Nigerians.

Makinde made this known on Monday during the opening of the APM presidential campaign office in Abuja. He clarified that he is not asking for the old subsidy system to return. He believes that the pricing of crude oil supplied to local refineries should reflect Nigeria's status as an oil-producing country.

On May 29, 2023, President Bola Tinubu removed the fuel subsidy during his inauguration. This move was part of a key promise he made during his campaign. Since then, prices of goods and services have increased. The All Progressives Congress-led Federal Government argues that this policy has brought significant economic benefits.

As the 2027 elections approach, former Vice-President Atiku Abubakar, who promised to eliminate the subsidy during the 2023 campaign, now says he will restore it if he becomes president. This promise has received mixed responses from Nigerians.

In response, Makinde rejected Atiku's proposal. He questioned why crude oil supplied to Nigerian refineries should be priced as if Nigeria does not produce it. He emphasized that Nigeria's oil should provide real benefits to its people. He said, "We are opening another door for Nigerians to join the conversation about the future of our country. A conversation about what must change. A conversation about how we can make Nigeria work for every Nigerian. That is what Reset Nigeria is about."

He continued, “In the past few days, I have spoken about the petrol pricing framework. Some people have asked whether I am suggesting that we bring back the old fuel subsidy. That is not my position. Let me explain my position very simply with this example. 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 added, “That benefit should be built into the system from the beginning, through the price at which crude oil is supplied for domestic refining, not through an opaque intervention at the petrol pump after all the costs, inefficiencies and distortions have been added.”

Makinde said Nigerians deserve to know what they are paying for, who is benefiting from it, and where inefficiencies are causing the final price to rise. He pointed out that this is what the Reset Nigeria agenda is all about.

He said, “Nigerians must be able to see how the final price is reached. We need complete transparency across the petroleum value chain, from production and domestic crude allocation to 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. That is what it means to Reset Nigeria."

Makinde insisted that government must show its workings. He said Nigerians must understand how decisions are made, how public resources are used, and who benefits from them. He noted that when Nigeria's wealth increases, the lives of Nigerians should improve too.

The Oyo State Governor acknowledged that some people have dismissed his presidential campaign as unimportant. He reminded them that he faced similar doubts when he first ran to govern Oyo State. He said many thought he would not win against established politicians, but the people of Oyo State proved them wrong.

He pointed out that those dismissing his campaign are ignoring the hopes of many Nigerians, including traders, youths, farmers, workers, and small-business owners who believe in a better Nigeria. He declared that Nigerians own the country's resources, and together they can reset the nation.

He concluded, “But we count. Our voices count. Our experiences count. Our ideas count. And, together, our votes will count. That is why Reset Nigeria cannot be a conversation among politicians alone. It must become a conversation in our homes, markets, schools, offices, farms, factories and communities. We want to hear from the trader who struggles whenever transport costs rise."

Makinde emphasized, “We want to hear from the farmer who cannot afford to move produce to the market. We want to hear from the business owner whose costs rise every time the price of fuel changes. We want to hear from the young Nigerian who is working hard but can no longer see a clear path to a better life.

“This office belongs to that conversation. Its doors are open to Nigerians who believe that our country can work better than it does today. So, I invite you: join the Reset Nigeria conversation. Ask questions. Challenge our ideas. Share your own ideas. Organise within your communities. Become a Resetter.

“They may discount one candidate. But they cannot discount millions of Nigerians united behind a better future. Let us build a country in which government is transparent, leadership is accountable and Nigeria’s resources work for the Nigerian people.