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Former Cross River State Governor and presidential candidate of the Peoples Redemption Party (PRP), Donald Duke, has rejected the ongoing narrative surrounding Nigeria’s fuel subsidy, describing the debate as a “scam.”
Duke argued that Premium Motor Spirit (PMS), commonly known as petrol, could comfortably sell for approximately ₦200 per litre if the country effectively refines its crude oil resources and maximizes revenue from refined derivative products.
His intervention comes against the backdrop of conflicting political perspectives on fuel subsidy from key leaders, including President Bola Tinubu, Atiku Abubakar, and Peter Obi.
President Tinubu terminated the petrol subsidy regime in May 2023, framing the decision as an essential economic reform to reallocate public capital toward critical national infrastructure.
Meanwhile, Atiku has advocated for targeted subsidy mechanisms to relieve mounting inflationary pressure on households, while Obi maintains that subsidy removal should remain permanent, provided saved funds are transparently channeled into productive economic and social infrastructure.
However, Duke contended that national discussions have fundamentally ignored the economics of crude oil refining and the commercial value of its multiple derivatives.
“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 AGOand 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 expressed concern over Nigeria’s persistent energy deficits despite its extensive natural resource wealth.
“You’re an energy-blessed country,” he said, listing hydrocarbons, solar, hydro, uranium and lithium among the country’s energy resources.
“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 strongly criticized the continuous flaring of natural gas across production fields while domestic commercial enterprises and residential consumers struggle with prohibitive energy costs.
“We easily flare two billion cubic feet of gas a day,” he said, arguing that the wasted gas could generate significant energy for the country.
He further questioned the policy logic of comparing Nigerian retail fuel pricing with international market benchmarks without factoring in domestic resource advantages.
“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,” Duke said.
“You’ve got to use what you’ve got to get what you want.”
The PRP chieftain also highlighted the irony of Nigeria exporting natural gas through international transit pipelines while local energy needs remain unfulfilled.
“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 reiterated that Nigeria’s energy crisis can be resolved if policymakers shift focus toward fully utilizing domestic resource endowments and lowering energy production costs for industries and citizens.
“Why are we still energy-poor?” he asked. “The political will is not there. We’re not thinking through our problems.”
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