2027: Makinde Rejects Fuel Subsidy Return

Oyo State Governor and presidential candidate of the Allied Peoples Movement (APM), Seyi Makinde, has rejected calls for the return of fuel subsidy, proposing instead a new petroleum pricing framework that would allow Nigerians benefit from cheaper domestic crude supplied to local refineries.

Makinde made the position known on Monday during the commissioning of his presidential campaign office in Abuja, where he unveiled aspects of his “Reset Nigeria” agenda ahead of the 2027 general election.

The governor explained that his proposal should not be interpreted as a plan to restore the previous subsidy regime, but rather a move to ensure that Nigeria’s status as an oil-producing country translates into measurable benefits for its citizens.

He argued that crude oil supplied to Nigerian refineries should not be priced as though the country does not produce crude, insisting that the advantage of local production must reflect in the final cost of petrol.

According to Makinde, Nigeria’s petroleum debate should move beyond arguments over whether subsidy should be restored or removed, stressing that the focus should be on establishing the right pricing structure for an oil-producing nation.

“Why should crude oil supplied to Nigerian refineries be priced as though Nigeria does not produce crude oil?” Makinde asked, adding that the benefit of Nigeria’s natural resources should be built into the system from the beginning through domestic crude pricing rather than through government interventions after costs and inefficiencies have accumulated.

The APM presidential candidate said his administration, if elected in 2027, would pursue transparency across the petroleum value chain, including crude allocation, refining costs, transportation, distribution, taxes and retail margins.

He said Nigerians deserve to understand how petrol prices are determined, who receives payments at different stages of the value chain and where inefficiencies contribute to rising costs.

Makinde stated that his “Reset Nigeria” agenda was built around creating a system where government decisions are transparent, public resources are properly managed and the country’s wealth directly improves the lives of citizens.

The governor’s position comes amid renewed debate over fuel subsidy ahead of the 2027 presidential election, following the removal of subsidy by President Bola Tinubu’s administration in May 2023, a decision that triggered increased petrol prices and higher costs of living across the country.

While some opposition figures have advocated for subsidy restoration as a way of reducing pressure on Nigerians, Makinde maintained that returning to the old system would not address the structural issues affecting the petroleum sector.

He said Nigeria must instead adopt a framework that makes locally produced crude more affordable for domestic refining while ensuring accountability in the entire petroleum supply chain.

Makinde also used the opportunity to invite Nigerians, including traders, farmers, workers, youths and business owners, to participate in the “Reset Nigeria” conversation, saying the country’s future should not be determined by politicians alone.

He expressed confidence that Nigerians will support a new direction for the country, recalling that similar doubts greeted his political journey in Oyo State before he emerged governor.

The development adds to the growing political debate ahead of 2027, as presidential contenders continue to present different approaches to tackling Nigeria’s economic challenges, especially the rising cost of living and energy prices.

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