Fuel Subsidy Scam, Petrol Can Sell For N200/Litre – Duke

The presidential candidate of the Peoples Redemption Party (PRP), Donald Duke, has described fuel subsidy as a “scam,” saying petrol could sell for about N200 per litre if Nigeria properly harnesses its crude oil resources and other energy sources.

Duke was reacting to the subsidy debate reignited by the presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, who argued that he would restore fuel subsidies in some parts of the economy instead of maintaining the current policy direction of the Bola Tinubu administration.

Tinubu responded to Atiku’s position by saying the removal of subsidies was inevitable because the policy was unsustainable and had drained government resources needed for key development initiatives.

The Federal Government has maintained that subsidy removal was necessary, describing Atiku’s proposal as unworkable under the current circumstances.

Duke, however, questioned the basis of the subsidy debate, arguing that Nigeria’s crude oil resources could support significantly lower domestic fuel prices if properly managed.

“Look, I don’t believe there’s any subsidy in fuel,” Duke said.

“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 country that had failed to translate its vast resources into affordable and reliable energy for its citizens.

“You’re an energy-blessed country,” Duke said. “You have all known forms of energy existing in Nigeria – from the crudest, which is human labour, to hydrocarbons, solar, hydro, uranium and now lithium.

“You have all those things. Why are we still energy-poor? Because the political will is not there. But even beyond the political will, we’re not thinking through this.”

Duke said the continued flaring of natural gas, despite the country’s energy challenges, was another indication of what he described as poor management of Nigeria’s resources.

“We easily flare two billion cubic feet of gas a day,” he said. “That is equivalent to 20 million litres of diesel.

“If you had a turbine to power all of Africa, it would not consume 20 million litres of diesel daily.

“So, it’s akin to the abundance of water while the fish is thirsty.”

He also rejected arguments that domestic fuel prices should be benchmarked against international prices, saying countries should leverage their natural resources to improve the welfare of their citizens.

“When I hear excuses like, ‘Oh, it’s cheaper in America,’ or, ‘We’re cheaper than it is in America,’ every country has its own endowments,” he said.

“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 further questioned Nigeria’s ability to supply gas to neighbouring West African countries while struggling to meet its domestic energy needs.

“You have a West African Gas Pipeline, but you don’t have any self-sufficiency in gas in your country,” he said. “There’s something wrong somewhere. We’re not thinking.”

He maintained that Nigeria’s energy crisis was not inevitable, arguing that the country could overcome its challenges through stronger political will and better utilisation of its natural resources.

“Why are we still energy-poor?” Duke asked. “The political will is not there. We’re not thinking through our problems.”