Petrol subsidy debate: Nigeria asking wrong question – Makinde

Oyo State Governor Seyi Makinde, the presidential candidate of the African People’s Movement, has argued that Nigeria’s focus on petrol subsidy is misplaced. In his September newsletter, Makinde contended that the country should reconsider its petroleum pricing framework. He emphasized that Nigerians should understand the factors determining petrol prices, such as crude oil price benchmarks, refining costs, exchange rates, logistics and distribution expenses, taxes, and other relevant variables.

Makinde also criticised the notion of increasing petrol prices to curb smuggling into neighboring countries. He insisted that Nigerians should not have to bear the burden of the government's failure to secure borders. The debate over petrol subsidy, he argued, should not be limited to whether it should be reinstated or continue in its removal, but rather focus on whether the current pricing system is appropriate for Nigeria and whether it enables fair benefits for Nigerians from the nation's natural resources.

The governor announced that he would soon propose an alternative petroleum pricing framework for public scrutiny.