₦airaland Forum

Oyo State Governor and Allied Peoples Movement presidential candidate, Seyi Makinde, has rejected calls for a return to petrol subsidy, proposing instead that crude oil supplied to Nigerian refineries should be priced more affordably.

Makinde said the approach would reduce the cost of petrol for Nigerians without returning to what he described as the old subsidy system.

He made the remarks on Monday while speaking at the commissioning of the APM presidential campaign office in Abuja, where he outlined elements of his “Reset Nigeria” agenda.

Makinde: Domestic Crude Should Reflect Nigeria’s Oil-Producing Status

Makinde questioned why crude oil supplied to refineries in Nigeria should be priced as though it had been imported from abroad.

According to him, Nigeria’s status as an oil-producing country should be reflected in the price at which crude is supplied for domestic refining.

He argued that any benefit from Nigeria’s crude resources should be built into the petroleum pricing system from the beginning rather than introduced through interventions at the petrol pump after other costs and inefficiencies have accumulated.

‘I Am Not Calling for Fuel Subsidy’

The governor stressed that his proposal should not be interpreted as an attempt to restore the former petrol subsidy regime.

Instead, he advocated a pricing framework in which locally produced crude supplied to domestic refineries is made available at a price that can help lower the final cost of refined petroleum products.

He also called for greater transparency throughout the petroleum value chain, from crude production and domestic allocation to refining, transportation, distribution, taxes and retail margins.

Makinde Rejects Atiku’s Subsidy Proposal

Makinde’s position comes after former Vice-President Atiku Abubakar, who is also seeking the presidency in 2027, pledged to restore fuel subsidy if elected.

Atiku has argued that reinstating the subsidy would help reduce the financial burden created by the removal of the policy in 2023.

President Bola Tinubu announced the removal of the petrol subsidy during his inauguration on May 29, 2023, a move that resulted in a sharp increase in petrol prices and contributed to higher transportation and living costs.

Makinde, however, said the focus should instead be on addressing the pricing structure that determines the cost of petrol.

Governor Calls for Transparency in Petroleum Sector

The APM presidential candidate said Nigerians should be able to understand how the final price of petrol is determined.

He argued that citizens should know what they are paying for, who receives payments across the value chain and where inefficiencies are increasing the eventual pump price.

Makinde said his proposed Reset Nigeria agenda would seek to make government decisions and the use of public resources more transparent and accountable.

Makinde Defends 2027 Presidential Bid

Addressing concerns about the strength of his presidential campaign, Makinde said he had previously faced doubts when he contested the Oyo State governorship.

He argued that political observers who underestimate his campaign are also underestimating millions of Nigerians who want changes in the way the country is governed.

The governor called on Nigerians to participate in his proposed “Reset Nigeria” conversation by contributing ideas and challenging policy proposals ahead of the 2027 election.

What Makinde’s Proposal Could Mean

Makinde’s proposal represents a different approach to reducing petrol prices from a conventional fuel subsidy.

Rather than having government compensate suppliers or consumers for part of the cost after the pricing process, his proposal focuses on the upstream cost of crude supplied to domestic refineries.

If implemented, such a framework would require clear rules on domestic crude pricing, refinery costs, transportation, taxes, margins and other components that determine the final pump price.

For now, the proposal remains a campaign policy position, not an existing federal government policy.

Dharmocherish:
https://www.lagoslately.com/makinde-rejects-fuel-subsidy-proposes-cheaper-domestic-crude-pricing/

chicfarmer:
Na still subsidy in a roundabout way. The country still gets to pay for it through reduced revenue. I support it.

Sannisege:
So should Nigeria withdraw from OPEC? Abi Makinde doesn’t know that as an OPEC member, Nigeria has to sell crude oil at OPEC price, even to local refineries.

Loverboi2cute:
The Drug Lord: Amoda Yekini Ogunlere needs to be chased back to Iragbiji

MT:
Makinde rejects fuel subsidy but he is earning ridiculous amount of money from the federal government.

This dude thinks we can be fooled. I can bet Tinubu is not even paying any attention to the dude. Time waster

yarimo:
Baba Dubai supporters will soon invade this thread with bitter narrative

anonimi:
NNPCL’s subsidy payment jump by 47.9% to N7.1trn in 2024

November 26, 2025

The Nigerian National Petroleum Company Limited (NNPCL) paid a total of N7.1 trillion as subsidy for premium motor spirit (PMS) in 2024, this sum represents a 47.9 percent increase from N4.8 trillion recorded in 2023.

This is despite the government’s announcement of subsidy removal in 2023.

The company explained that the amount, which it termed ‘energy security expense’ arises when there is differential between the exchange rate used to freeze the premium motor spirit ex-coastal price and the prevailing rate at the point of import settlement.

According to the report, government had instructed that NNPC Limited cannot sell its PMS above a certain regulated price. It added that the cost of petrol import is usually much higher that the regulated price.

https://businessday.ng/news/article/nnpcls-subsidy-payment-jump-by-47-9-to-n7-1trn-in-2024/?amp

"Tinubu made living in Nigeria expensive. I will make Nigeria affordable again" - Alhaji Atiku Abubakar

Shantyken:
No subsidy , no fuel scarcity

Dharmocherish:
https://www.lagoslately.com/makinde-rejects-fuel-subsidy-proposes-cheaper-domestic-crude-pricing/

Dharmocherish:
https://www.lagoslately.com/makinde-rejects-fuel-subsidy-proposes-cheaper-domestic-crude-pricing/

chigator2:
The way you guys throw this "earning from the FG" makes me wonder what you guys think government really is, a self-enrichment exercise or what.

AMINDA:
Somebody should please explain to him the difference between 6 and half a dozen. No matter how they wriggle, they always find themselves aligning with the Atiku plan. Subsidy oyoyo!

Sannisege:
So should Nigeria withdraw from OPEC? Abi Makinde doesn’t know that as an OPEC member, Nigeria has to sell crude oil at OPEC price, even to local refineries.

anonimi:
At what cost?

When is the master strategist in Aso Rock going to crash petrol prices below N185 he promised in January 2023

Eriokanmi:
As a key player in the oil and gas sector, Makinde knows better. Wetin the jaujau man called tinubu sabi? We have great men in this country but people are so short-sighted to see them. In a decent nation, tinubu would not see deputy governorship. Angola too removed subsidy but gradually. Subsidy is gone but no palliatives in place before removing it. Its like saying hunger is no more, without making provision for enough food in the barn