Human rights activist and community leader, Chief (Comrade) Austine Ikubese has written an open letter to President Bola Tinubu expressing concern over rising price of crude oil across the globe and it’s economic impacts on the citizens, even as he pleaded with the government to benchmark sale of crude oil to Dangote Refinery at N100, 000 per barrel.
According to Chief Ikubese such price shift will help to cushion the effects of economic situation in the country and as well make pump price of PMS, AGO and Jet A 1 to be considerably affordable and efficient for local consumption amid uncertainty and volatility in the global oil market.
He added that the continuous rise in global crude oil price as a result of hostilities in the Middle East occasioned by the US and Israeli offensive against Iran should be a blessing to Nigeria and not a curse.
He maintained that it won’t be out of place for President Tinubu’s administration to alter the Petroleum Industry Act in collaboration with the National Assembly so as to accommodate the needed changes the Act may require in order to stem the tide of current challenges faced in the country’s downstream petroleum sector.
Ikubese also hailed President’s reforms in various sectors adding that his Renewed Hope Agenda is already yielding positive results which is a contributory factor that will help to guarantee his reelection as President during the 2027 election year.
Read the release in extenso as reproduced hereunder:
OPEN APPEAL LETTER TO THE PRESIDENT OF THE FEDERAL REPUBLIC OF NIGERIA, HIS EXCELLENCY PRESIDENT BOLA AHMED TINUBU GCFR.
ON THE URGENT NEED TO NEGOTIATE #100, 000 PER BARREL OF CRUDE AS BENCHMARK WITH ALH. ALIKO DANGOTE TO BE REFINED FOR ONLY LOCAL CONSUMPTION IN NIGERIA AS A PERMANENT SOLUTIONS FOR THE RISING PUMP PRICE OF PMS, AGO AND JET A1, AS A RESULT OF THE WAR IN MIDDLE EAST.
Your Excelency Sir, it might interest you to know that I was the first or among the first Nigerians to publicly advocate the review of pricing for crude oil in Naira to reduce foreign exchange pressure on our Naira and potentially lower fuel price, this was published in early January 2024 in The Sun and Guardian Newspapers respectively.
The Title in the Sun Interview was: “WHAT TINUBU SHOULD DO IN 2024 TO IMPROVE LIVES OF NIGERIANS, BY COMRADE CHIEF AUSTINE IKUBESE”
Your EXCELLENCY we commend you for being a listinging president in May 2024 you came up with an EXECUTIVE ORDER to approve sale of crude oil to Dangote in Naira which obviously became the game changer in our economy till date, we are sincerely grateful to you for this bold steps, though I further advocate that 30% of the crude oil for local consumption should be given to Dangote at a reduced price while 70% for export can be on dollar equivalent in our local currency. While I know this may alter some of the provisions of the Petroleum Industry Act, Your Excellency can make necessary amendment to suit the current reality in the larger interest of Nigerians.
Your Excellency considering the war going on in the middle East for over a week, our crude oil was literally raised from around 87 dollars to over 100 dollars per barrel, this means Nigeria is making more money while the premium motor spirit (pms) pump price and that of diesel and jet A 1 are increasing rapidly. Sadly, this major shift in pricing is taking serious toll mostly on the vulnerable segments of the Nigerian population. This is equally affecting the gains made recently by your government that has brought down the prices of food items like 50g bag of Rice in 2024 from #120,000 to about #60, 000 this past December. Hence there is need for urgent review of our existing price template to stem the tide of the perceived economic downturn.
Your Excellency my wife and I were born and brought up in Lagos, though our parents are from Delta State. Sir, we have been a member of the ruling All Progressives Congress (APC) when you were the Executive Governor of Lagos State under AD up till date. My wife Hon. Sarah Ikubese was the immediate past SPECIAL ADVISER WOMEN AFFAIRS AND POVERTY ALLIVIATION (S.A WAPA) ORIADE LCDA, I am a Community Leader here in Satellite Town, Lagos and a Comrade, one of your loyalists who believes you are the last standing big political masquerade in our generation today that has the boldness and the courage to take certain decisions that other politicians can’t take and we are in a preelection year, we must not lose the gains made because of the war in the Middle East which we are not sure it will end anytime soon. Therefore it is on this premise that I am suggesting that a permanent solution should be made to drastically reduce the high cost of living and the petroleum pump price that is rising on a daily basis which of course is at the detriment of both the rich and the poor.
The government should also find out how many barrels of crude oil Nigeria needs for our local consumption both for PMS, Ago, and JET A 1 per day, once this is established then our crude oil can be benchmarked at #100, 000 per barrel to Dangote Refinery to refined for local consumption only in Nigeria. While the crude oil refined for exports by Dangote Refinery will still maintain the equivalent of current dollar rate in Naira, just like I earlier mentioned.
The government should also be sure there is adequate supply of the amount of crude needed to Dangote for local consumption only in Nigeria on a daily basis.
Also making sure there are trackers in all the trucks or bargies carrying the finished products specially made to be distributed in Nigeria only for domestic, industrial and commercial consumption.
It is also my humble advise that the government should involve the EFCC, NSCDC, CIVIL SOCIETY, DSS for proper monitoring and accountability of these products and to be sure they don’t go out of the boarder of Nigeria, and a strong jail term should be spelt out for anyone caught in any act of economic sabotage.
Your Excellency this is what Nigerians are expecting from the CITY BOY campaign for your re-election in 2027 not palliatives that will not get to the people but will only end up in the hands of political office holders.
Your Excellency if our crude oil was benchmarked for #100, 000 per barrel to Dangote to refine for local consumption only in Nigeria and properly monitored, it will be less than 80 dollars per barrel I can assure you the petroleum pump price can go as low as around #500 per litre and diesel low as #800 per litre the price of JET A 1 will drop drastically whereby reducing the cost of local flights tickets, the Jet A1 should be concentrated on our indigenous airlines only whether flying local or international routes.
Kindly permit me sir to humbly state that you can experiment this suggestion for 6 months and review thereafter. Your Excelency Sir, the crude oil is our own God-giving wealth, and when the price goes up in the international market the country makes more money it should be a blessing to us not a curse or hardships to the citizenry.
Here is the time to begin to look inwards and come up with people-friendly policies that will sustain the growth of our economy while we remain a critical player in the international market as one of the exporters of crude oil in Africa and also exporter of finished refined products courtesy of Dangote refinery, this can undoutedly and seamlessly happen under your robust and fruitful Renewed Hope Agenda if it is eventually included in your economic reform.
With due respect Mr. President, bold leadership is required to steer Nigeria towards a future where affordable fuel is a reality. With the right policies, commitment, and political will, achieving fuel prices at a considerable and affordable rate is not only possible—it is within reach.
I sincerely appeal to you to take decisive steps to reform the downstream petroleum sector at a time like this so as to ease the burden on Nigerians. Together, we can create a sustainable and reliable energy future where high fuel prices no longer hinder economic growth and the well-being of the people.
Your Excellency, with your purposeful leadership, Nigeria can transform its energy sector and set a precedent for other African nations to follow.
Sir, may your tenure continue to experience excellent development, peace and progress for our dear country.
Please, Your Excellency accept the assurances of my highest regards.
Respectfully,
Chief (Comrade) Austine Ikubese Community Leader Oriade LCDA Lagos State.
