The presidential candidate of the Allied Peoples Movement (APM) and Governor of Oyo State, Seyi Makinde, on Monday, declared that he would not reintroduce fuel subsidy in Nigeria if elected President in 2027.
Governor Makinde made this declaration at the ongoing inauguration of his campaign office in Abuja, ahead of the 2027 general elections.
Speaking to a crowd of supporters, Makinde advocated for a more transparent method of delivering benefits to Nigerians.
If elected, he said domestic refineries would be supplied crude oil at preferential prices, allowing local communities to benefit from their resources without incurring high costs.
According to him, integrating these advantages into the initial supply price, rather than relying on opaque interventions at the pump, can prevent cost inefficiencies and distortions.
“In recent days, I’ve discussed the petrol pricing framework. Some have asked if I intend to restore the old fuel subsidy. That is not my position. Let me clarify my stance simply. Nigeria’s oil must provide tangible and measurable benefits to its people.
“Those benefits should be embedded into the system from the outset via the price at which crude oil is supplied for domestic refining, not through obscure interventions at the pump after all the costs and distortions have been added,” he said.