Makinde: Nigerians Must Benefit From Oil Revenue Above Budget Benchmark

Oyo State Governor and presidential candidate of the Allied Peoples Movement (APM), Seyi Makinde, has proposed a system that would ensure Nigerians benefit directly from crude oil earnings above the national budget benchmark.

Makinde said excess oil revenue should translate into improved living conditions for citizens rather than merely increasing government earnings.

He made the proposal on Wednesday during the unveiling of his Reset Agenda manifesto at the Congress Hall of Transcorp Hilton, Abuja, ahead of the January 16, 2027 presidential election.

The governor was accompanied by his running mate, Lawal Musa Daura, a former Director-General of the Department of State Services (DSS), and the APM National Chairman, Yusuf Mamman Dantalle.

Nigeria’s annual budgets are based on a benchmark crude oil price, with revenue above the benchmark historically saved or shared among the federal, state and local governments.

However, Makinde argued that the country’s abundant natural and human resources should translate into better living conditions for its citizens.

“For us, macroeconomic reforms must translate into improvements in people’s lives,” he said.

He questioned the value of achieving macroeconomic stability if ordinary Nigerians continued to struggle with poverty and poor living conditions.

The governor identified the disconnect between economic reforms and citizens’ welfare as one of the major challenges facing the country.

He also called for greater accountability in government spending, insisting that political promises must be supported by implementation plans, measurable targets and institutions capable of delivering results.

Makinde pledged to establish performance targets within his first 100 days in office if elected president.

On electricity, the APM presidential candidate urged Nigerians to demand improved power supply from the Federal Government, arguing that the transfer of electricity regulatory powers to states did not absolve the Federal Government of its responsibilities.

He maintained that the Federal Government must continue to address challenges affecting electricity generation and distribution.

The governor said his presidential ambition was driven by the need to address Nigeria’s challenges and restore the vision of the country’s founding fathers.

He pledged to prioritise improved living conditions, particularly for millions of Nigerians in rural communities, while expanding opportunities irrespective of ethnic or religious differences.

“We must develop people’s abilities and expand their access to opportunities. We must also have institutions that work,” he said.

On political reforms, Makinde proposed that presidential candidates should secure more than 50 per cent of votes cast to emerge winners, arguing that the arrangement would encourage broader political cooperation.

He also advocated a transitional government of national unity and a national conference to deliberate on Nigeria’s challenges and agree on a common direction.

Speaking at the event, his running mate, Daura, criticised what he described as the suppression of opposition political parties, insisting that a level playing field was necessary for sustaining democracy.

Earlier, the APM National Chairman, Dantalle, said the 2027 election should be about the future of Nigerians rather than the political fortunes of the party.

He urged the Independent National Electoral Commission (INEC) to maintain neutrality and ensure peaceful and credible elections.

Dantalle also described electoral fraud as the worst form of banditry, warning against actions capable of undermining the credibility of the 2027 polls.