Fuel At ₦300 Possible, Nigeria’s Economy Has Collapsed — PRP Presidential Candidate, Duke
Toyyibat Qasim
Presidential candidate of the Peoples Redemption Party, Donald Duke, has promised to reduce the pump price of petrol to about ₦300 per litre if elected President in the 2027 presidential election.
Duke, a former Governor of Cross River State, said the proposed price reduction would be achieved by allocating a portion of Nigeria’s crude oil production for domestic consumption and pricing petroleum products based on the cost of production rather than international market prices.
He disclosed this on Wednesday while appearing on Channels Television’s The Morning Brief.
According to him, Nigeria should reserve enough crude oil for domestic consumption while selling the balance on the international market to generate foreign exchange.
“I will try and bring it to about ₦300. It sounds so outlandish, but I have given you the arithmetic because if you allocate 600,000 barrels, if that is what is consumed daily, allocate that to yourself; the other 1,000,000 you can sell,” Duke said.
His proposal comes against the backdrop of the Federal Government’s removal of petrol subsidy, a policy that has significantly altered the pricing of petroleum products and triggered intense public debate over the cost of living.
‘I Won’t Inherit Tinubu’s Policies’
The PRP candidate also declared that he would not continue with the economic policies of President Bola Tinubu if elected in 2027.
Duke argued that Nigeria’s petroleum pricing policy should prioritise the welfare and purchasing power of Nigerians rather than exposing consumers to international market prices.
“I won’t inherit his policies; you know, for me, productivity is everything, as I said, within a safe and orderly environment,” he said.
He described the subsidy regime debate as a complex issue that should be addressed by examining Nigeria’s actual production and refining costs.
Duke said petroleum products meant for Nigerians should be sold at production cost, insisting that it was unreasonable to charge citizens based on international prices when the crude oil was produced domestically.
“The subsidy regime thing, this whole scam…I’m going to price petroleum products for local consumption at production cost, not at the international market because that’s so far rigid,” he said.
He argued that the cost of producing and refining petroleum was substantially lower than the international price at which the products could ultimately be sold.
Duke further questioned how low-income Nigerians could cope with high petrol prices, particularly with the current minimum wage.
“The basic minimum wage is ₦70,000; will your salary go in just filling a tank of fuel or some fuel? So, we have got to look at it,” he said.
Duke Links Kidnapping, Banditry To Economic Crisis
The former governor also linked the worsening insecurity across the country to what he described as a collapse in the Nigerian economy.
Duke argued that kidnapping, banditry and other forms of criminality should not be viewed only as security problems, but also as symptoms of deeper economic and social pressures.
