A former Governor of Cross River state, Mr Donald Duke has urged the Federal Government to take urgent steps to reduce energy cost, as Nigeria’s current inflation figure hits 33.40 percent.
Duke stated this during a Teens Career Conference of The Everlasting Arms Parish TEAP of the Redeemed Christian Church of God RCCG.
Nigeria’s inflation trend which was at an all-time 28-year high of 34.19 percent in June, dropped by 0.79 percent to 33.40% in July 2024.
The marginal decline represents the first since December 2022 when the rate dropped to 21.34% from 21.47% recorded in November 2022 before the 2023 surge.
Duke said; “You know why you are having inflation? High energy. So, if the cost of energy, fuel goes up, inflation will go up, because you are going to transport your food, you are going to transport other things, people. I am just giving you that as an example. If, for instance, fuel was N700 per litre and then today it rises N per litre, inflation will almost double. If the cost of electricity increases, it also inflates.
“But let us look at this. This is a country that flares gas. That is energy. It’l is a country that has oil. We can fix the price of our oil. We don’t have to allow the rest of the world determine the price of our oil for our own consumption. We can say this is how we are going to do it, and monitor it in such a way that it serves us and not go to other countries. That is very important. The second thing is, all this energy, gas that we are flaring, has it not occurred to us to use it for the sake of our own people? Just that alone will crash this inflation you are talking about. So when you look at it, there is no problem that cannot be solved”.
Addressing the teenagers on the theme of the conference, “The Power of Music”, Duke said Nigeria is a country of immense blessings, urging them to tap into the power of their creative potentials to fulfill their divine purpose.
He said; “When music is spiritual, it goes beyond generations but when it is a craft, it does not last long. The theme today is ‘The Power of Music’. What makes music is harmony.
“No matter what is happening around us, God has put you here. All you have to do is discover your purpose.
“The world runs on energy. Yet there are different forms of energy. Coal, Uranium, wind, water, solar etc and Nigeria has all of these in excess.
“Here you are in a country that has everything. The ultimate form of energy that God has given us is the Sun. The amount of energy generated by the Sun is such that we can never exhaust. I am saying this to encourage you that you are special to be a Nigerian. You need to find your niche”.
