Oyo State Governor and African People’s Movement presidential candidate, Seyi Makinde, has declared that Nigeria’s ongoing debate over the petrol subsidy is focused on the wrong question. He argued that the nation must urgently review its underlying petroleum pricing framework to provide relief to citizens.

The governor made his position known in the September 2026 edition of his newsletter, The Business of Governance, which was uploaded on Friday. In the publication, Makinde emphasized that the federal government owes citizens absolute clarity regarding how domestic fuel prices are calculated.

According to Makinde, the conversation should shift away from whether the subsidy should be restored or remain removed. He maintained that the core issue is establishing a pricing system that allows Nigerians to benefit fairly from the natural resources they rightfully own.

The Oyo State Governor insisted that a proper pricing framework must clearly disclose all hidden variables determining pump prices. He noted that the public deserves to know the exact crude oil price benchmarks, actual refining costs, and profit margins being utilized.

Furthermore, Makinde demanded full transparency regarding exchange-rate assumptions, logistics costs, distribution margins, and the various taxes and levies embedded in current fuel prices. He argued that without this data, Nigerians cannot understand the real factors driving up their cost of living.

The presidential candidate strongly criticized the argument that domestic fuel prices must rise simply to discourage smuggling into neighbouring countries. He described the policy as an unfair transfer of regulatory and security failures onto ordinary citizens.

“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,” Makinde stated. He added that the public should not bear the financial burden of the government’s inability to secure its national borders.

Looking forward, the governor promised to advance the national discourse by providing a concrete alternative to the current system. Makinde announced that he will present a comprehensive petroleum pricing framework in the coming weeks for Nigerians to assess and debate.