Columnist urges Tinubu to cut fuel prices by halving crude cost to local refineries
Public relations consultant Wole Olaoye proposes radical energy policies for President Bola Tinubu to reduce living costs. In a column, he suggests doubling Nigeria's crude production to 3 million barrels per day and selling oil to local refineries at 50% of international market prices, paid in Naira. This would, in his view, make petrol more affordable and lower transport fares nationwide. Olaoye credits the Dangote Refinery (650,000 bpd capacity) for preventing fuel shortages but alleges NNPC initially hindered its operations and that local refineries struggle due to insufficient crude allocation. Nigeria currently produces 1.5 million bpd and has pledged most to creditors. The existing naira-for-crude scheme, meant to help refineries bypass dollar shortages, is presented as insufficient. The columnist also recommends extending discounted gas supply to thermal power plants to resolve subsidy confusion and improve electricity. He calls for stiff jail penalties for petroleum product smuggling. These are presented as suggestions to create immediate public goodwill amid economic stress, framed as requiring 'courage' from Tinubu. The piece distinguishes between current realities and proposed changes, noting that while Dangote Refinery now serves Nigeria and other African nations, the author believes the government can do more to ensure Nigerians benefit directly from domestic oil resources. The proposals target the transport and power sectors as quickest ways to alleviate financial pressure on citizens.