A Senior Special Adviser on Economic Matters to Accord Party presidential candidate, Dr. Gbenga Olawepo-Hashim, Olika Odika, has challenged Finance Minister Taiwo Oyedele’s position on the Federal Government’s share of Nigeria’s crude oil production, arguing that the country’s petroleum revenues must be assessed beyond direct crude ownership.
Odika said the government’s share of the nation’s oil wealth should include revenue from taxes, royalties, industry charges and the Nigerian National Petroleum Company Limited’s interests in joint-venture arrangements.
According to him, focusing only on the volume of crude directly owned by the Federal Government gives an incomplete picture of the revenue the country derives from its petroleum resources.
“The Federal Government collects petroleum profit tax, royalties and sundry charges, in addition to NNPC’s share under joint-venture arrangements,” Odika said, insisting that these revenue streams should be considered together when calculating the total value accruing to the Nigerian state.
He further argued that government revenue could exceed 70 per cent under some petroleum fiscal arrangements. He called for a transparent breakdown of production costs, contractual entitlements, royalties, taxes and other charges to establish the actual government share across different petroleum projects.
Odika maintained that the debate over crude ownership should not overshadow the economic difficulties Nigerians face because of high energy costs.
“There is too much rent paid to the Federal Government compared with other oil and gas jurisdictions. There is too much money being shared among a few people while the majority cannot afford the energy required for transportation, agriculture and manufacturing,” he said.
He argued that Nigeria’s challenge was not a lack of petroleum resources but the failure to organise the sector in a way that delivers affordable energy, supports domestic production and improves citizens’ economic well-being.
Reaffirming Hashim’s Energy First policy, Odika said the Accord presidential candidate had proposed an initial petrol price benchmark of ₦605 per litre, with the longer-term goal of reducing the price to between ₦200 and ₦300 per litre.
He explained that the proposal rests on lowering the underlying costs of producing, refining and distributing petroleum products rather than relying on temporary price interventions that fail to address the sector’s structural challenges.
Under the proposed approach, Nigeria would prioritise domestic refining, ensure reliable crude supply to local refineries, reduce avoidable production and distribution costs, and improve efficiency across the petroleum value chain.
Odika said these measures would help the country make better use of its natural resources while easing the burden of energy costs on households, farmers, transport operators and manufacturers.
“The position of Dr. Gbenga Hashim 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,” he said.
The presidential candidate’s adviser also urged Nigeria to learn from other members of the Organisation of the Petroleum Exporting Countries (OPEC) that have structured their energy policies around domestic economic priorities.
He stressed, however, that any lessons drawn from other oil-producing countries must reflect Nigeria’s own production costs, fiscal arrangements and refining capacity.
Odika maintained that the success of an energy policy should not be measured solely by the revenue government collects from petroleum resources. It should also be assessed by its impact on affordable energy, employment, industrial growth and the productive capacity of citizens.
He said Nigeria’s oil wealth should translate into better economic opportunities for the wider population, rather than remain disconnected from the everyday realities of ordinary Nigerians.
The adviser’s remarks reinforce Hashim’s argument that affordable energy should be central to Nigeria’s economic strategy, with domestic refining and a more efficient petroleum value chain serving as key drivers of national productivity.
