The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr. Oyedele, has emphasized the need for the privatization of Nigeria’s non-operational refineries, citing the colossal sum of over N10 trillion that the National Assembly has spent on them without yielding tangible results. During the Platform Nigeria Symposium held on Monday, October 2, in Lagos, Oyedele expressed his views on the matter.
He stated, “Nigerians often express the sentiment that if only our refineries were operational, our energy situation would improve significantly. However, the reality is quite different. In fact, it would be in the nation’s best interest to advocate for the sale of these non-functional refineries.”
Oyedele further elaborated, “The National Assembly has revealed that we have poured more than N10 trillion into maintaining these refineries, even though they have failed to produce any significant output. If we were to attempt to process crude oil in our current state of inefficiency, the cost of one litre of petrol would skyrocket, potentially making it the most expensive in the world. This would essentially replace the subsidy at the pump with a subsidy for the refineries themselves.”
In August, the National Assembly had announced its intention to investigate the alleged N11.3 trillion expenditure by the Federal Government on turnaround maintenance for Nigeria’s refineries between 2010 and 2020. This move reflects growing concerns about the substantial financial resources invested in the refineries with little to show for it.
