The Federal Government has dismissed claims that its 30-day petrol discount is designed to secure votes for the ruling All Progressives Congress (APC) in the 2027 general elections.

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the temporary price relief was intended to assist Nigerians rather than influence their political choices.

Oyedele stated this on Friday during an interview on Channels Television’s  Politics Today, where he questioned the logic of offering a one-month discount to influence an election scheduled for January.

He said, “Are we that dumb that we will give you a discount for one month so that you can vote for us in January? How does it even add up?”

The minister accused some politicians of underestimating Nigerians’ ability to understand government policies and make independent electoral decisions.

His remarks followed the Federal Government’s announcement of a 30-day petrol discount on products dispensed by the Nigerian National Petroleum Company Limited (NNPCL).

Some opposition figures had criticised the initiative, alleging that the government was using the temporary price reduction to win public support ahead of the 2027 polls.

Oyedele, however, argued that the government should not be criticised for introducing a policy intended to provide relief to citizens simply because of its timing.

He maintained that the NNPCL, being government-owned, could offer a discount within the limits of its profit without necessarily attaching an electoral motive to the decision.

The minister also disclosed that the government had introduced or was considering 17 measures, questioning why critics were focusing on the petrol discount as evidence of an alleged political strategy.

On crude oil pricing, Oyedele insisted that Nigeria’s estimated production of 1.8 million barrels of crude oil daily, in addition to condensate, does not mean the entire volume is available to the government for domestic refining.

He explained that crude oil production involves several financial and contractual obligations, including production expenses, royalties, profit-sharing arrangements and the entitlements of international oil companies operating in the country.

According to him, the government cannot assume ownership of every barrel produced in Nigeria or supply crude to local refineries below prevailing market prices without considering the financial implications.

“Just because the crude is under our soil, under our feet, does not mean that all of it is available for you to give to anyone,” he said.

Oyedele warned that selling crude to domestic refiners below market value could reduce government revenue and undermine its ability to meet financial obligations.

He argued that revenue losses from such arrangements could affect the government’s capacity to fund public expenditure, including the payment of salaries.

The minister also defended the removal of petrol subsidies, arguing that the previous arrangement encouraged diversion of petroleum products to neighbouring countries and created opportunities for corruption.

He recalled that Nigeria’s petrol consumption had once been estimated at nearly 90 million litres daily, questioning whether the entire volume was consumed within the country.

Oyedele cited protests in neighbouring Cameroon following President Bola Tinubu’s removal of the subsidy as an indication of the cross-border implications of Nigeria’s former pricing policy.

He further argued that Nigeria’s inability to secure its borders completely made it difficult to prevent subsidised petroleum products from being diverted to other countries.

The minister also challenged proposals to restore fuel subsidies alongside promises to eliminate the corruption associated with the programme.

He questioned the logic of reinstating a system that the government had dismantled over concerns about corruption and financial losses.

Addressing petrol pricing, Oyedele explained that crude oil remains the primary input in petrol production and must be assigned a cost, regardless of whether it originates from Nigeria.

He said international oil prices and developments affecting global crude supply could influence the cost of feedstock for domestic refineries.

The minister cited the effects of developments in the Middle East and disruptions in crude oil markets, adding that refiners must account for the prices at which they obtain crude.

He also identified freight, insurance and financing as factors contributing to the cost of refined petroleum products.

Oyedele said the limited availability of vessels had pushed up freight charges, while higher insurance costs and financing expenses added to refiners’ operational burdens.

He noted that financing costs were particularly significant, citing an interest rate of about 30 per cent that could affect the cost of bringing crude to Nigeria and refining it.