Reported by: Oahimire Omone Precious | Edited by: Oravbiere Osayomore Promise.
Former Cross River State Governor and Peoples Redemption Party presidential candidate, Donald Duke, has dismissed the ongoing fuel subsidy debate among Nigeria's top politicians as a "scam," insisting that petrol could sell for as low as N200 per litre if the country properly harnesses its crude oil resources.
Duke's intervention comes as President Bola Tinubu, former Vice President Atiku Abubakar, and former Anambra State Governor Peter Obi continue to trade blows over the future of petrol subsidy. Tinubu abolished the subsidy in May 2023, defending it as necessary to redirect funds to development. Atiku has advocated for a targeted subsidy, while Obi supports removal but insists the savings must be transparently invested in productive sectors. Duke, however, questioned the entire premise of the debate.
"There is no subsidy in fuel," Duke said. "For a barrel of crude oil, there are about seven by-products. 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".
Duke described Nigeria as an energy-blessed country that has failed to translate its vast resources into affordable energy for its citizens. He pointed to the daily flaring of two billion cubic feet of natural gas, equivalent to 20 million litres of diesel, as evidence of poor management. "It's akin to the abundance of water while the fish is thirsty," he said.
He also rejected arguments that domestic fuel prices should be benchmarked against international prices. "Every country has its own endowments. You've got to use what you've got to get what you want. We are an energy-blessed country. The people should feel their blessings," Duke said.
The former governor also questioned the transparency of the crude-for-product swap arrangements previously used by the country. "When we were doing swaps, we said about 300,000 barrels of oil in exchange for petrol; no one ever mentioned the by-products. No one knows what went where. That's why I believe it's the biggest scam that has been perpetrated in this country," he said.
Duke argued that Nigeria could not remove a subsidy that, in his view, did not exist. He suggested that petrol could be dyed a distinctive colour and traced to prevent smuggling across borders, rather than punishing citizens with high prices because of the government's inability to police its borders.
The PRP candidate said his party would pursue a different approach to economic management if elected, with greater emphasis on productive assets, sound management and policies aimed at improving citizens' livelihoods. "Nigerians deserve an administration that will respond to good management and growth and development of our assets," Duke said.
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