Former Cross River State Governor and presidential candidate of the Peoples Redemption Party (PRP), Donald Duke, has described Nigeria’s crude-for-product swap arrangement as the “biggest scam” perpetrated in the country.
Duke made the allegation during a presidential debate at the 66th Annual General Conference of the Nigerian Bar Association in Port Harcourt, Rivers State, where he spoke on fuel subsidy, crude oil and Nigeria’s economic challenges.
The former governor questioned the transparency of the crude-for-product arrangements previously used by the Federal Government, particularly the accounting of petroleum products and by-products generated from crude supplied under the swaps.
According to Duke, Nigerians were told that about 300,000 barrels of crude oil were exchanged for petrol, but there was no clear explanation of what happened to the other products obtained from the crude.
He argued that the lack of information surrounding the by-products raised serious questions about the arrangement.
“When we were doing swaps, we said about 300,000 barrels of oil in exchange for petrol; no one ever mentioned the by-products. No one knows what went to. That’s why I believe it’s the biggest scam that has been perpetrated in this country,” Duke said.
Duke also rejected the argument that Nigeria had been operating a genuine fuel subsidy regime, saying the country should instead make better use of its crude oil resources to provide affordable energy for Nigerians and drive economic productivity.
“You can’t remove what doesn’t exist. I postulate there is nothing like fuel subsidy,” he said.
The former Cross River governor explained that crude oil produces several petroleum products, including petrol, diesel and aviation fuel, arguing that Nigeria should not compare the cost of products refined from its own crude resources with the prices paid by countries that import both crude and refined petroleum products.
Duke said access to affordable energy was central to economic development, stressing that government should focus on making the factors of production readily available to citizens and businesses.
His comments come as the issue of crude supply and petroleum product pricing remains a major national debate, with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) currently consulting industry stakeholders on a domestic crude and gas swap arrangement aimed at reducing supply costs and improving crude availability to local refineries.
The renewed debate also comes ahead of the 2027 general elections, with Duke among the presidential candidates expected to campaign on economic reforms and energy policy.
Duke’s latest position is likely to further fuel debate over the transparency of Nigeria’s crude oil arrangements and whether previous swap agreements delivered value to the country.
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