How Will ‘Obidients’ React To This? – Doyin Okupe Hails Tinubu For His Economic Policies
Doyin Okupe, a prominent figure within the Labour Party (LP), has expressed his admiration for President Bola Tinubu’s dedication, enthusiasm, and courage in leading the nation.
In an article titled “For President Bola Tinubu: Still Many Rivers to Cross,” Okupe, a former aide to ex-President Olusegun Obasanjo, praised Tinubu for implementing significant policy changes, including the abolishment of fuel subsidy and the equalization of foreign exchange.
Okupe acknowledged that these measures have led to considerable discomfort and challenges for the populace but recognized Tinubu’s determination and courage in taking these bold steps.
However, Okupe suggested that further decisive actions are necessary to properly ground these policies and alleviate the difficulties faced by the public.
He provided several recommendations for the President to consider:
Nigeria should withdraw from OPEC, allowing the country to increase its daily oil exports and gain more control over oil revenue.
Nigeria should renegotiate the revenue-sharing ratio with oil majors to ensure a more equitable distribution of oil income.
The Nigerian National Petroleum Corporation (NNPC) should be restructured, possibly adopting the Atiku Abubakar model for its commercial operations.
The government should invest in refurbishing local refineries to enhance domestic petroleum production.
Encourage investors, especially for modular refineries, to establish petroleum refineries in Nigeria.
Formalize and supervise local crude oil refining activities rather than persecuting operators.
Strengthen efforts to eliminate crude oil theft and pipeline vandalism.
Work diplomatically with ECOWAS to resolve conflicts and pave the way for infrastructure projects like the trans-Saharan gas pipeline.
Consider revisiting the complete abolition of fuel subsidy, redirecting excess forex inflow to fund a supplementary budget to alleviate current hardships.
Utilize excess forex inflow from the equalization of the forex regime for strategic infrastructure and human development projects.
Encourage Nigerians in the diaspora to use official platforms for remittances through campaigns and incentives.
Liberalize licensing for local power generation, allowing smaller investors to enter the market and significantly boost power generation capacity.
Okupe concluded by acknowledging Tinubu’s capacity as a thoughtful and accomplished leader, suggesting that the points he raised could contribute to the administration’s plans, enhance revenue inflow, alleviate hardship, and combat poverty.
