Reno Omokri disagrees with Paul Okoye’s call for President Tinubu to reduce fuel prices to ₦450, stating that economic realities do not support such a price.
Nigerian music manager Paul Okoye jad appealed to President Tinubu, Aliko Dangote, and NNPCL CEO to lower petrol prices to ₦450 amid Nigeria’s fuel crisis..
Responding to Okoye’s statement, social commentator and former presidential aide, Reno Omokri, took to X (formerly Twitter) to provide a detailed rebuttal, arguing that Okoye’s plea lacked a proper understanding of the economic forces at play.
Omokri stated, “People like Paul Okoye may mean well, but they are not sufficiently aware of the economics of scale that drive commodity prices.”
He further criticized Okoye’s suggestion that the president should reduce fuel prices as a sign of love for the country, calling it impractical and economically unsound.
Drawing a parallel, Omokri challenged Okoye directly, “Paul Okoye sells music. Is he prepared to slash the cost of streaming his music by half? Then why is he asking the President to do what he, as a private citizen, cannot do and has not done? Does he not love his fans?”
Omokri also highlighted the complex dynamics behind petrol pricing in Nigeria, noting that if the government were to artificially reduce the cost of fuel, it would have to pay refiners and importers the difference, a burden that would ultimately fall on the nation’s finances.
He emphasized that Nigeria is already heavily indebted, largely due to the borrowings of the previous administration under General Muhammadu Buhari.
“Nigeria is already the third most indebted country in the world to the World Bank’s International Development Association,” Omokri pointed out.
He also stressed that the country’s revenue is mostly directed towards debt servicing and repayment, leaving little room for subsidizing fuel prices further.
Omokri added that less than 10% of Nigerians pay taxes, making it even more difficult for the government to raise funds for such subsidies without further borrowing or printing more money, both of which could lead to economic devaluation.
He further debunked the notion that Nigeria is an “oil-rich” nation, explaining that, when divided by its population, the country’s annual income from oil is minimal.
“We are oil-poor. On a per capita basis, Ghana is more oil-rich than we are,” he said.
Omokri also used the Dangote Refinery as an example, explaining that despite being sold Nigerian crude oil at a slight discount, even this commercially run refinery is unlikely to sell petrol at a cheaper rate than NNPC, demonstrating the challenges in reducing fuel prices.
He cautioned against expecting the government to bear all the costs, reminding Nigerians that the state’s ability to function depends on contributions from the citizens.