The presidential candidate of the Allied Peoples Movement (APM) and Oyo State Governor, Seyi Makinde, has ruled out a return to the fuel subsidy regime if elected president in 2027.
Makinde spoke on Monday during the inauguration of his campaign office in Abuja, where he outlined his proposed approach to ensuring that Nigerians benefit directly from the country’s crude oil resources.
The governor said his administration would provide crude oil to domestic refineries at a preferential price, arguing that the benefits should be incorporated into the supply system rather than delivered through opaque interventions at petrol stations.
According to him, the approach would enable Nigerians to benefit from the country’s oil resources while reducing cost inefficiencies and distortions associated with the previous subsidy system.
“In the past few days, I have spoken about the petrol pricing framework. Some people have asked whether I’m suggesting that we bring back the old fuel subsidy. That is not my position,” Makinde said.
He explained that Nigeria’s crude oil should provide “a real and measurable benefit to Nigerians” and that such benefits should be built into the system from the outset.
“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 cost inefficiencies and distortions have been added,” he said.
Makinde’s proposal comes amid continued debate over fuel pricing and the impact of subsidy removal on the cost of living and the wider Nigerian economy.
The governor maintained that his proposed framework would provide a more transparent mechanism for supporting domestic refining while ensuring that Nigerians derive greater value from the country’s natural resources.
