MAKINDE SAYS NIGERIA IS ASKING THE WRONG FUEL QUESTION

Oyo State Governor and African Democratic Congress presidential candidate, Seyi Makinde, has said Nigeria’s debate over petrol subsidy is focused on the wrong issue.

Makinde made the position known in his latest newsletter, arguing that the more important question should be what constitutes the right petroleum pricing framework for an oil-producing country like Nigeria.

He said Nigerians deserve to understand the factors used to determine petrol prices, including crude oil benchmarks, refining costs, exchange-rate assumptions, logistics, distribution costs, taxes and other charges.

The governor also criticised the argument that petrol prices should remain high to discourage smuggling into neighbouring countries.

According to him, Nigerians should not be made to pay more because of the government’s inability to effectively secure the country’s borders.

Makinde said the discussion should move beyond whether the subsidy should be restored or remain removed and focus instead on whether the current pricing system allows Nigerians to benefit fairly from the country’s natural resources.

He said Nigeria, as an oil-producing country, should develop a pricing model that reflects local production and refining conditions while reducing exposure to foreign exchange pressures.

Makinde added that he would present an alternative petroleum pricing framework in the coming weeks for Nigerians to consider.

His comments come as the fuel subsidy debate increasingly features in political discussions ahead of the 2027 elections.