Makinde Faults Fuel Subsidy Debate, Promises Alternative Pricing Framework

Oyo State Governor Seyi Makinde has said Nigeria’s fuel subsidy debate is focused on the wrong question, arguing that the country needs a transparent pricing framework that discloses crude oil benchmarks, refining costs, exchange-rate assumptions, and other variables determining pump prices.

He rejected the argument that Nigerians should pay higher prices to discourage smuggling into neighbouring countries, insisting that citizens should not bear the cost of government’s inability to secure its borders.

A Fundamental Reset

ValidViewNetwork gathered that Oyo State Governor and presidential candidate of the African People’s Movement (APM), Seyi Makinde, has said Nigeria’s debate over petrol subsidy is focused on the wrong question, arguing that the country needs to review its petroleum pricing framework.

In the September edition of his newsletter, The Business of Governance, uploaded on Friday, September 4, 2026, Makinde said Nigerians should be able to understand the factors determining the price of petrol.

The Right Question

“We are asking the wrong question. The more important question is: what is the right pricing framework for an oil-producing country like Nigeria?” he said.

Makinde argued that the pricing framework should clearly disclose the crude oil price benchmark, refining costs and margins, exchange-rate assumptions, logistics and distribution costs, taxes and levies, as well as other variables used to determine pump prices.

Rejecting the Smuggling Argument

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The governor also argued against making Nigerians pay higher petrol prices simply to discourage smuggling into neighbouring countries.

“We should also reject the argument that Nigerians must pay more for petroleum products simply to eliminate the price difference that makes smuggling into neighbouring countries profitable. Nigerians should not be made to bear the cost of government’s inability to secure its borders,” he said.

A New Framework

Makinde said the debate should move beyond whether subsidy should be restored or remain removed, stressing that Nigerians deserved to benefit fairly from the country’s natural resources.

“The petroleum question should therefore not simply be whether subsidy should return or remain removed. It should be whether the pricing system we are using is the right one for Nigeria and whether it allows Nigerians to derive a fair benefit from the natural resources they own,” he said.

Makinde added that he would present an alternative petroleum pricing framework in the coming weeks for Nigerians to assess.

A Lesson for Nigerian Youths

Makinde’s intervention is a reminder that the fuel subsidy debate is not just about policy, it is about fairness. For too long, Nigerians have been asked to bear the burden of a broken system.

The same politicians who benefit from the status quo will never allow their own children to suffer the consequences of poor policy. Their children are protected.

For young Nigerians, the lesson is clear: demand transparency. Demand accountability.

And never accept that you must pay the price for the failures of those in power.