Former Cross River State Governor and Peoples Redemption Party (PRP) presidential candidate Donald Duke has described Nigeria’s fuel subsidy debate as a “scam”, arguing that petrol could sell for about N200 per litre if the country properly utilises its crude oil resources.
Duke made the remarks while discussing Nigeria’s energy challenges and the different positions on fuel subsidy by President Bola Tinubu, former presidential candidate Atiku Abubakar and Peter Obi.
Tinubu removed the petrol subsidy in May 2023, saying the decision was necessary to redirect government funds to other areas. Atiku has called for a targeted subsidy to reduce the impact of rising living costs, while Obi has opposed bringing back the subsidy.
Duke, however, said the debate does not adequately consider the value Nigeria can derive from its crude oil and the various petroleum products produced from it.
“You can almost sell petrol today at N200 a litre, not the N1,000-plus.”
The former governor questioned the basis for describing petrol pricing as a subsidy issue, arguing that Nigeria should make better use of the different products that can be obtained from a barrel of crude oil.
“That thing about subsidy, I think, is the biggest scam that has been perpetrated, maybe globally.”
Duke also questioned why Nigeria remains energy-poor despite having abundant natural resources, including oil, gas, solar, hydro, uranium and lithium.
“Why are we still energy-poor? Because the political will is not there.”
He criticised the continued flaring of natural gas, saying Nigeria wastes huge quantities of gas every day while households and businesses struggle with high energy costs.
According to Duke, the country could significantly improve its energy supply by converting wasted gas into useful energy rather than continuing to flare it.
He also challenged the argument that Nigeria should compare its fuel prices directly with those of countries such as the United States, stressing that nations should take advantage of their own natural resources.
“You’ve got to use what you’ve got to get what you want.”
Duke further questioned Nigeria’s inability to achieve domestic gas sufficiency despite the existence of the West African Gas Pipeline, which supplies gas to neighbouring countries.
He maintained that Nigeria’s energy crisis is largely connected to poor planning and a lack of political will to properly develop the country’s resources.
“We’re not thinking through our problems.”
Source: Donald Duke.
