Makinde Rules Out Return of Fuel Subsidy, Promises Cheap Transparent Petroleum Pricing Framework

The presidential candidate of the Allied Peoples Movement (APM), Engr. Seyi Makinde, has ruled out the possibility of returning Nigeria to the old fuel subsidy regime, saying his administration would instead introduce a transparent petroleum pricing framework that reflects the country’s status as an oil-producing nation.

Makinde made the declaration on Monday during the official commissioning of the APM Presidential Campaign Office in Abuja.

The Oyo State Governor said his position on petroleum pricing had been misunderstood in some quarters, stressing that his proposal was not about restoring the controversial subsidy regime but ensuring that Nigerians derive measurable benefits from the nation’s crude oil resources.

“I will not return subsidy. We will only introduce a pricing framework that is suited for a country producing oil and not priced like we import the raw materials,” Makinde said.
According to him, crude oil supplied to Nigerian refineries should not be priced in a manner that treats Nigeria as a country without crude oil resources.

Makinde explained that the benefits of Nigeria’s oil wealth should be built into the petroleum pricing system from the point of domestic crude allocation and refining, rather than relying on what he described as opaque interventions at the petrol pump.

The APM presidential candidate further disclosed that he had consistently advanced the argument at meetings of the National Economic Council, insisting that transparency must be introduced across the entire petroleum value chain.

“I have argued this at the National Economic Council. We will introduce transparency,” he stated.

He said Nigerians deserve to understand how the final price of petroleum products is determined, including costs associated with crude production, refining, transportation, distribution, taxes and retail margins.

Makinde maintained that a transparent and efficient pricing framework would ensure that Nigerians enjoy the benefits of the country’s natural resources while eliminating inefficiencies and distortions associated with opaque systems.

The presidential hopeful said his proposal forms part of his broader Reset Nigeria agenda, which seeks to build a system where government decisions are transparent, leadership is accountable and public resources work directly for the benefit of Nigerians.