Nigeria spends more on oil security than production — Donald Duke
Donald Duke stated that Nigeria's crude oil production costs $12 to $15 per barrel but rises to $25-$45 due to high security expenses and poor infrastructure, with more spent on security than actual production. He proposed reducing petrol prices to around ₦300 per litre or blending to ₦700 using domestic crude, contract refining, and by-product revenues to improve productivity and lower living costs.
Pidgin: Donald Duke talk say Naija dey spend more money to secure im crude oil pass wetin dem take produce am, because production cost na between $12 and $15 per barrel but security and bad infrastructure dey push am go $25 to $45. He suggest make dem reduce petrol price to around ₦300 per litre or blend am go ₦700 by using local crude, contract refining and money from other products so dat productivity fit increase and cost of living go down.
How this affects you: Nigerian citizens are affected by higher petrol prices and increased cost of living due to elevated oil production expenses from security costs and dilapidated infrastructure.
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