The presidential candidate of the Allied Peoples Movement (APM), Seyi Makinde, has proposed a new framework for supplying crude oil to domestic refineries as part of his plan to make petrol more affordable without returning to the old fuel subsidy regime.
Makinde, who is also the Governor of Oyo State, made the proposal on Monday during the inauguration of his campaign office in Abuja.
He said his administration, if elected in 2027, would not reinstate fuel subsidy but would ensure that Nigerians benefit directly from the country’s oil resources through a more transparent pricing mechanism.
According to him, crude oil meant for domestic refining should be supplied to local refineries at a preferential price, allowing the benefit to be reflected in the cost of refined petroleum products.
Makinde argued that embedding the benefit at the crude supply stage would be more transparent and efficient than providing government intervention after petrol has reached the pump.
“Nigeria oil must provide a real and measurable benefit to Nigerians,” he said.
He explained that his proposed system would avoid the inefficiencies and distortions associated with the former subsidy arrangement while ensuring that Nigerians still derive tangible benefits from the country’s petroleum resources.
The APM candidate maintained that the objective should be to design a system where the advantage of Nigeria’s crude oil production is passed to citizens from the beginning of the refining and pricing process.
Makinde’s proposal comes amid continued debate over petrol pricing and the impact of the Tinubu administration’s decision to remove fuel subsidy.
He said his approach would seek to balance market efficiency with the need to protect Nigerians from bearing the full burden of domestic fuel costs.
The governor is expected to make economic policy, energy security and petroleum pricing key components of his campaign ahead of the 2027 presidential election.
