With crude oil prices poised to rise back to over £100 a barrel as a result of the Israeli-Palestinian conflict, President Tinubu needs to create a Crude Oil Bonanza Committee

Ayo Akinfe

[1] First and foremost, this committee must get the Dangote, Warri, Kaduna and Port Harcourt refineries up and running. The last thing we need is for any gains from be fritted away on expensive petrol product imports

[2] All receipts that accrue from prices between $40 and $60 a barrel should go into a special infrastructure fund

[3] All receipts that accrue from prices between $60 and $80 should go into a special economic diversification fund

[4] All receipts that accrue from prices between $80 and $100 should go into a dedicated clean energy fund

[5] All receipts that accrue from prices in excess of $100 a barrel should go into a special technological fund

[6] Basically, we should see this as our last chance to diversify the Nigerian economy and invest the bonanza judiciously

[7] For me, the bulk of the cash has got to go towards supporting manufacturing. Whether we like it or not, manufacturing has got to take over from religion, Nollywood and owambes as our favourite national past time

[8] We must also spend at least $20bn on key infrastructure like railway networks, ports, power plants, roads, power plants, airports and shopping malls

[9] Whatever we do, the goal has got to be to wean our states off federal allocation, with the ambitious target of making a few of them self-reliant by as early as 2025

[10] I will not invest this bonanza cash in education, healthcare and housing at the fedeal level as I believe that is the responsibility of state governments. Let states decide on their priorities and then raise the cash as they deem fit