Oyo State Governor and African People’s Movement (APM) presidential candidate, Seyi Makinde, has renewed his criticism of the way Nigeria’s petrol subsidy removal has been handled, arguing that Nigerians should not be made to bear the cost of failures within the country’s petroleum and border-security systems.
Makinde’s latest intervention has been widely circulated online under the headline that President Bola Ahmed Tinubu removed petrol subsidy “to enrich himself and governors while the masses suffer.” However, his verified recent remarks focus on the fairness and transparency of the petroleum-pricing system, rather than making a direct allegation that Tinubu removed the subsidy for personal enrichment.
In his latest newsletter, The Business of Governance, Makinde argued that Nigeria’s subsidy debate has been reduced to whether government should continue subsidising petrol or allow consumers to pay full market prices.
He said that was the wrong question.
“I believe we are asking the wrong question. The more important question is: what is the right pricing framework for an oil-producing country like Nigeria?” Makinde said.
The governor argued that Nigerians should be able to understand exactly how the price they pay at petrol stations is determined.
Makinde called for greater disclosure of the components used in calculating petrol prices, including the crude-oil benchmark, refining costs and margins, exchange-rate assumptions, logistics and distribution costs, taxes and levies.
According to him, making the figures publicly accessible would enable Nigerians to scrutinise the pricing structure and determine whether they are receiving a fair benefit from the country's natural resources.
The governor's position comes amid renewed political debate over what happened to the funds saved following the removal of the petrol subsidy.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, recently said the removal had mobilised ₦15.8 trillion for the federation between June 2023 and December 2025.
Makinde also rejected the argument that Nigerians should pay higher petrol prices to eliminate the price differential that makes fuel smuggling into neighbouring countries profitable.
“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.”
He maintained that securing Nigeria's borders is a responsibility of government and should not be achieved by transferring the cost to citizens through higher petrol prices.
The Oyo governor also linked the petroleum debate to the broader economic condition of Nigerians.
He said too many Nigerians remain trapped in poverty, while many families work hard without experiencing meaningful improvement in their living standards.
Makinde argued that Nigeria's problems extend beyond the individuals occupying political offices, saying the country must address the systems and institutions that repeatedly produce poor outcomes.
Makinde, who is positioning himself as a presidential contender ahead of the 2027 election, said his proposed Reset Nigeria agenda would include an alternative approach to petroleum pricing.
He said the proposal would be unveiled in the coming weeks and urged Nigerians to assess it on its merits.
“The petroleum question should therefore not simply be whether subsidy should return or remain removed,” Makinde said. “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.”
His comments are likely to add fresh political pressure to the ongoing debate over Tinubu’s economic reforms, with supporters describing subsidy removal as necessary to end a costly and distortionary system, while critics continue to question its impact on ordinary Nigerians.
Makinde's latest position therefore shifts the argument from simply “subsidy or no subsidy” to a broader question: who benefits from Nigeria's petroleum resources, and whether the pricing system delivers a fair return to citizens.
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