Former Cross River State governor and presidential candidate of the Peoples Redemption Party (PRP), Donald Duke, has described Nigeria’s fuel subsidy debate as a “scam,” insisting that petrol could sell for as low as N200 per litre if the country properly harnesses its vast energy resources.
Duke made the assertion amid renewed debate over the removal of petrol subsidy and the rising cost of living, with President Bola Tinubu and former presidential candidates Atiku Abubakar and Peter Obi offering differing views on how Nigeria should manage fuel pricing and support vulnerable citizens.
President Tinubu abolished the petrol subsidy in May 2023, arguing that the policy was draining government finances and that the savings could be redirected toward infrastructure and other development priorities.
Former Vice President Atiku Abubakar has advocated for a targeted subsidy mechanism to cushion the impact of high fuel prices on Nigerians, while Peter Obi has backed subsidy removal on the condition that the savings are transparently invested in productive sectors and social programmes.
Duke, however, questioned the premise of the subsidy argument, saying Nigeria’s crude oil resources should allow Nigerians to enjoy significantly cheaper petroleum products.
“Look, I don’t believe there’s any subsidy in fuel,” Duke said.
He argued that crude oil produces several valuable by-products, including petrol, diesel, kerosene and aviation fuel, which should be properly processed and priced to benefit Nigerians.
“For a barrel of crude oil, there are about seven by-products. The two consequential ones are diesel and petrol—PMS and AGO—and kerosene, aviation fuel and all those things.
“You sell them at commercial rates, okay? Work it out. You can almost sell petrol today at N200 a litre, not the N1,000-plus.
“So that thing about subsidy, I think, is the biggest scam that has been perpetrated, maybe globally.”
The former governor also described Nigeria as an energy-rich nation that has failed to convert its abundant natural resources into affordable and reliable energy for its population.
“You’re an energy-blessed country,” Duke said.
According to him, Nigeria possesses virtually every major form of energy, ranging from human labour and hydrocarbons to solar, hydro, uranium and lithium.
Duke’s comments are likely to intensify the national conversation over petrol pricing, energy policy and whether Nigerians are receiving sufficient benefits from the country’s vast natural resources.
The debate over subsidy has remained one of Nigeria’s most contentious economic issues, particularly as households and businesses continue to grapple with high transportation, food and operating costs following the sharp increase in petrol prices since the subsidy removal.
