Chief (Comrade) Austine Ikubese, a community leader in Satellite Town, has called on President Bola Ahmed Tinubu to negotiate a ₦100,000 per barrel crude oil benchmark with Alhaji Aliko Dangote for refining exclusively for domestic use. The proposal aims to reduce Nigeria’s reliance on volatile international fuel markets and ensure energy security for local industries and households.
In an open appeal, Ikubese emphasized that the recent war in the Middle East has caused crude oil prices to surge to over $100 per barrel, worsening fuel costs for Nigerians. He argued that prioritizing local refining of crude oil at Dangote Refinery could stabilize domestic fuel supply, support indigenous airlines, and reduce transportation and production costs across the economy.
He proposed a 30-70 split in crude allocation—30% for local refining at a reduced price and 70% for export—ensuring that Nigeria still benefits from global market revenue while addressing domestic energy needs. He further recommended robust monitoring involving the EFCC, DSS, NSCDC, and civil society organizations to prevent diversion of refined products for export.
Ikubese also highlighted the broader economic benefits of the policy, including lower fuel prices, reduced cost of living, and improved competitiveness for Nigerian businesses. He suggested that the government pilot the plan for six months, with provisions for tracking and accountability, before full-scale implementation.
“This is an opportunity to turn Nigeria’s natural resources into a blessing for citizens rather than a burden from global price shocks,” Ikubese wrote, urging President Tinubu to take decisive steps toward a self-reliant and people-friendly energy policy under the Renewed Hope Agenda.
