Former Cross River State Governor and Peoples Redemption Party (PRP) presidential candidate, Donald Duke, has described fuel subsidy as one of the biggest scams perpetrated in Nigeria, arguing that the country should be able to sell petrol at significantly lower prices because of its crude oil resources.

Duke made the assertion in a recent interview while discussing Nigeria’s energy sector and the impact of fuel pricing on citizens.

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The former governor questioned the existence of fuel subsidy, arguing that Nigeria’s crude oil resources and the various products derived from crude should allow the country to provide petrol at a much cheaper price.

“Look, I don’t believe there’s any subsidy in fuel. 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 ₦200 a litre, not the ₦1,000-plus.

“So that thing about subsidy, I think, is the biggest scam that has been perpetrated, maybe globally,” Duke said.

‘Nigeria Is Energy-Blessed But Energy-Poor’

Duke described Nigeria as an energy-rich nation that has failed to convert its abundant natural resources into affordable and reliable energy for its population.

According to him, Nigeria possesses virtually every major form of energy resource, including hydrocarbons, solar, hydro, uranium and lithium, yet millions of Nigerians continue to struggle with inadequate and expensive energy.

“You’re an energy-blessed country. 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,” he said.

The PRP presidential candidate also criticised the continued flaring of natural gas in Nigeria, describing it as another example of poor management of the country’s resources.

He claimed that Nigeria flares about two billion cubic feet of gas daily, which he likened to the energy equivalent of millions of litres of diesel.

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

Duke Rejects International Fuel Price Benchmark

Duke also rejected the argument that domestic petrol prices should be determined by international market prices.

He argued that countries should take advantage of their natural resources to improve the welfare of their citizens rather than simply comparing domestic prices with those of other countries.

“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.

“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,” he said.