Governor Seyi Makinde of Oyo State has offered a different opinion on the longstanding debate over fuel subsidy, saying Nigerians deserve a petroleum pricing system that is fair, transparent and reflective of the country’s status as an oil-producing nation.
Makinde argued that the conversation should no longer be limited to whether fuel subsidy should be removed or restored, but should instead focus on whether the framework used to determine petrol prices reflects Nigeria’s economic realities and allows citizens to benefit fairly from the country’s natural resources.
The governor made the submission in a newsletter titled The Business of Governance, published on his official website as part of his proposed “Reset Nigeria” movement.
According to Makinde, the longstanding argument over fuel subsidy has failed to address the more fundamental question of how petroleum prices are determined.
“Different countries arrive at petroleum prices differently. What Nigerians deserve to know is the current pricing framework and the assumptions that determine what we pay at the pump,” he said.
He called for greater transparency in the components used to determine petrol prices, including crude oil benchmarks, refining costs, margins, exchange-rate assumptions, logistics, distribution costs, taxes and levies.
Makinde said making such information available would enable Nigerians to understand the basis for the prices they pay and compare the existing model with possible alternatives.
The governor also rejected the argument that Nigerians should pay higher petrol prices 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,” he said.
“Nigerians should not be made to bear the cost of government’s inability to secure its borders.”
Makinde maintained that Nigeria’s petroleum policy should therefore be assessed beyond the binary question of whether subsidy should remain removed or be reinstated.
“Reset Nigeria means being willing to interrogate the system itself,” he said.
The governor disclosed that he would unveil his alternative approach to petroleum pricing in the coming weeks, giving Nigerians an opportunity to assess the proposal.
He said the need for systemic reform extended beyond the petroleum sector, arguing that many of Nigeria’s persistent challenges were rooted in weaknesses in institutions, systems and structures.
Makinde identified poverty, youth unemployment, insecurity and weak institutions among the problems that successive governments had failed to permanently resolve.
According to him, resetting the country would require accountable leadership and sustained participation by citizens.
“This will not be an instant transformation, nor will it be the work of one person,” he said, calling for “a deliberate national effort supported by a clear roadmap, measurable priorities and the sustained participation of Nigerians at home and abroad.”
Hafsoh Isiaq is a graduate of Linguistics. An avid writer committed to creative, high-quality research and news reportage. She has considerable experience in writing and reporting across a variety of platforms including print and online.
What do you think about this?
Drop your opinion in the comment section.
FOLLOW US & Share this with someone who needs to see this.
