How I Will Free Nigerians From Hardship
OpenLife News reports that former Cross River State Governor and presidential hopeful of the Peoples Redemption Party (PRP), Donald Duke, has unveiled how he intends to free Nigerians from current economic hardship if elected president in 2027, promising to crash petrol price to N300 per litre.
Duke disclosed this on Monday while speaking on Channels Television’s Morning Brief, where he faulted President Bola Tinubu’s economic policies and the current pricing of petroleum products.
According to him, petrol for local consumption should be priced based on production cost, not international market rates.
“The subsidy regime thing — this whole thing is a scam.
“I’m going to price petroleum products for local consumption at production costs, not at international market costs,” Duke said.
He explained that the actual cost of producing crude is far lower than what Nigerians are being charged.
“I’m giving you a production cost of $45, right?
“The international price — that’s $45, including processing, refining, otherwise, it’s about $30, and you’re selling it back to your own people at 100 and something dollars,” he added.
The former governor said the current high petrol price is choking Nigerians, especially low-income earners who can barely survive on the N70,000 minimum wage.
“You don’t want them to breathe, and your people are notably the poorest in the world.
“They can’t afford it. The basic minimum wage is 70,000 naira. Your salary will go in just filling a tank of fuel,” he lamented.
Asked what Nigerians should expect under his presidency, Duke said he would target N300 per litre.
“I will try and bring it to about 300 naira. I’ve told you that it sounds so outlandish, but I’ve given you the arithmetic,” he said.
He said his plan would involve allocating part of Nigeria’s daily crude production for domestic consumption and selling the rest on the international market.
“Allocate 600,000 barrels if that’s what you consume daily. Allocate that to yourself. The other one million you can sell it,” Duke stated.
Nigeria currently produces an average of 1.68 million barrels of crude oil per day, while data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority shows the country consumes about 60.2 million litres of petrol daily.
Duke said his proposed model would significantly reduce the burden of fuel costs on citizens and form a major part of his economic blueprint to free Nigerians from hardship if elected in 2027.
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