Nigeria spends more on oil security than production — Donald Duke

Nigeria's presidential candidate for the People’s Redemption Party, Donald Duke, has claimed that the nation spends more on protecting its oil than on actually extracting it. Duke argued during an interview with ARISE NEWS that soaring security expenses and poor infrastructure have driven up production costs, contributing to higher petrol prices.

He estimated that the actual production cost of crude oil in Nigeria ranges from $12 to $15, whereas security costs and deteriorating infrastructure inflate the price to $25 or $45. Duke contended that the government should prioritize the productivity of Nigerians by tackling issues that hinder economic growth. He proposed reducing petrol prices to ₦300 per litre, suggesting that revenue from other petroleum products could help lower costs.

Duke pointed out that transportation costs and refining expenses add to the final price, and he advocated for a contract-refining arrangement where the government would supply crude oil to a refinery, pay a processing fee, and control the distribution of refined products.