Odika said the minister’s argument that the Federal Government does not own all the crude oil produced in Nigeria presented only part of the picture, noting that the government also earns revenue through petroleum taxes, royalties, levies and the Nigerian National Petroleum Company Limited’s share under joint-venture arrangements.
He argued that these revenue sources should be considered collectively to determine the total financial benefits accruing to the Nigerian state from the petroleum industry.
According to Odika, the government’s overall share of petroleum revenues could exceed 70 per cent under certain fiscal arrangements. He called for a transparent assessment of production costs, contractual entitlements, royalties, taxes and other charges across the country’s oil and gas projects.
He said the debate over crude oil ownership should also address the high cost of energy and its impact on households, businesses and productive sectors of the economy.
“There is too much rent paid to the Federal Government compared with other oil and gas jurisdictions,” Odika said, adding that petroleum wealth should not be concentrated among a few people while the majority of Nigerians struggle to afford energy for transportation, agriculture and manufacturing.
He maintained that Nigeria’s challenge was not a shortage of petroleum resources but the failure to structure the sector to deliver affordable energy, boost domestic production and support broader economic development.
Reaffirming Olawepo-Hashim’s Energy First policy, Odika said the Accord presidential candidate had proposed an initial petrol price benchmark of ₦605 per litre, with a gradual reduction to between ₦200 and ₦300 per litre through reforms to the domestic petroleum value chain.
He said the proposal focused on tackling the underlying costs of production and supply rather than relying on temporary price interventions that do not address the structural factors driving up petrol prices.
Under the proposed policy, Nigeria would prioritise domestic refining, ensure a reliable supply of crude oil to local refineries, reduce avoidable production and distribution costs, and improve efficiency across the petroleum value chain.
“Dr Gbenga Hashim’s position is clear: Nigeria must put its energy resources to work for Nigerians. We cannot continue to produce crude oil while our people struggle to afford the energy required to transport goods, grow food and operate industries,” Odika said.
He also called for Nigeria to draw lessons from other members of the Organisation of the Petroleum Exporting Countries (OPEC) that have aligned their energy policies with domestic economic priorities, while taking account of Nigeria’s production costs, fiscal arrangements and refining capacity.
Odika said the Energy First policy reflected Olawepo-Hashim’s broader position that national resources should strengthen citizens’ economic capacity and improve their living standards.
He added that the value of a country’s petroleum wealth should be measured not only by the revenue generated for the government but also by the affordable energy, economic opportunities and productive capacity it creates for its citizens.
