Oyo governor rejects subsidy-only debate, calls for transparent pricing framework and national reset
Oyo State Governor Seyi Makinde has questioned Nigeria’s petroleum pricing framework, saying the debate should go beyond whether fuel subsidy should be restored or removed.
Governor Makinde, in the September 2026 edition of his newsletter, The Business of Governance, said Nigerians deserved transparency on how petroleum prices are determined in an oil-producing country.
He said the government should disclose the assumptions behind fuel prices, including crude oil benchmarks, refining costs, exchange rates, logistics, taxes and levies.
The governor also rejected the argument that Nigerians should pay higher fuel prices to discourage smuggling into neighbouring countries.
“Nigerians should not be made to bear the cost of government’s inability to secure its borders,” he said.
Governor Makinde argued that Nigeria’s persistent challenges were rooted in weak systems and institutions rather than individuals alone.
He said his proposed “Reset Nigeria” movement would focus on rebuilding the country’s economic, security, education, political and social systems.
According to him, the proposed reset would require accountable leadership and active participation from Nigerians at home and abroad.
Governor Makinde said subsequent editions of his newsletter would outline his proposed solutions for resetting the economy, security architecture, education system and national institutions.