Prominent Labour Party (LP) figure, Doyin Okupe, has penned an open letter directed at President Bola Tinubu, addressing the state of the nation and outlining key actions he believes the President should take to steer Nigeria towards a more sustainable future.....KINDLY READ THE FULL STORY HERE▶

The open letter, released via Okupe’s Twitter account, commends President Tinubu’s recent decisions to abolish fuel subsidy and equalize foreign exchange rates, describing them as courageous and crucial moves….CONTINUE READING

Okupe acknowledges the accompanying hardships but emphasizes that further, bolder steps are necessary to secure the nation’s path forward, particularly considering Nigeria’s diminishing reliance on crude oil for its prosperity.

Okupe asserts that in roughly two decades, oil reserves may cease to hold significance. Highlighting the present allocation of oil exports (less than 2 million barrels per day) in relation to Nigeria’s vast population, he suggests increasing exports to over 3 million barrels daily to bolster revenue, liquidity, and the Naira’s value.

This, he believes, would boost the supply of foreign exchange, leading to the Naira gaining strength against the Dollar.

Echoing former Vice President Atiku Abubakar’s stance, Okupe encourages President Tinubu to transform the Nigerian National Petroleum Corporation (NNPC) into a commercially-driven entity led by the private sector, not the government.

He also advocates for a more aggressive stance against oil theft, proposing a revision of the revenue-sharing ratio with oil majors to benefit Nigeria more substantially.

Okupe concludes by urging the government to renegotiate terms with oil majors, akin to Saudi Arabia’s 100% revenue model from its state-owned company, Aramco.

While instant implementation may be challenging, he calls for a gradual shift towards a more favorable revenue-sharing arrangement, suggesting a minimum ratio of 60:40 in favor of Nigeria.