Nigeria spends more on oil security than production — Donald Duke

Former Cross River State Governor and presidential candidate of the People’s Redemption Party (PRP), Donald Duke, has asserted that Nigeria spends more on securing its crude oil than on its production. Duke highlighted the high costs associated with security and deteriorating infrastructure, which significantly increase production expenses and contribute to the high cost of petrol.

He argued that reducing these costs could help lower petrol prices and ease the cost of living. Duke emphasized that the government should focus on enhancing the productivity of its citizens by addressing factors that hinder economic growth, particularly in the energy sector. He proposed reducing the price of petrol to ₦300 per litre, rather than the initially suggested ₦200, noting that revenue from other petroleum products could further alleviate the price burden.

However, he acknowledged that the ₦300-per-litre proposal might not be feasible due to previous crude oil commitments made by the government. Duke suggested sourcing domestic crude oil and purchasing additional supplies from Nigerian producers to reduce transportation costs and improve the overall economics of petrol production.