The presidential candidate of the Allied Peoples Movement, APM, and Governor of Oyo State, Seyi Makinde, has said he would not return fuel subsidy if elected but revealed his alternative plans.
Speaking during the inauguration of his campaign office in Abuja on Monday, Makinde proposed a more transparent approach to providing benefits to Nigerians.
He said that domestic refineries will receive crude oil at a preferential price, ensuring local communities benefit from their own resources without being burdened by high costs.
According to him, by building the advantages into the initial supply price rather than using non-transparent intervention at the petrol pump, the system can avoid cost inefficiencies and distortion.
“In the past few days, I have spoken about the petrol pricing framework. Some people have asked whether I’m suggesting that we bring back the old fuel subsidy. That is not my position. Let me explain my position very simply. Nigeria oil must provide a real and measurable benefit to Nigerians.
“That benefit should be built into the system from the beginning through the price at which crude oil is supplied for domestic refining, not through an opaque intervention at the petrol pump after all the cost inefficiencies and distortions have been added,” he said.
