Business

Oyedele: Despite Clamour for Local Refining, Operational Inefficiencies May Make Nigeria’s Petrol Most Expensive Globally

The Chairman of the Presidential Committee on Tax Policy and Fiscal Reforms, Mr. Taiwo Oyedele, has said the resuscitation of the country’s ailing refineries may not deliver petrol at cheaper costs to Nigerians or alleviate the current economic hardship resulting from the recent removal of subsidy.

He said even if crude oil was refined in the country, the operational inefficiencies often associated with the management of the refineries would make Nigeria’s petrol the most expensive in the world.

Oyedele spoke at the Platform NG 2023 event in Lagos on Monday.

He said unless effectively addressed, inefficiency in the operation of the refineries could make Nigerians change their minds towards having functional refineries for local refining.

Citing National Assembly sources, he said the country had spent over N10 trillion to maintain the moribund refineries without producing anything.

Oyedele said, “Nigerians who say if only our refineries are working, they would be fine; nothing can be further from the truth than that.

“In fact, Nigerians should come together and say please make sure that our refineries don’t work. We should sell them.

“Maybe you have not been following this story – the National Assembly said we have spent over N10 trillion maintaining our refineries even when they have not produced anything.”

He added, “The time when they were producing, the GMD of NNPC at the time, who is now the CEO of NNPC Limited, said and I quote, ‘We have to shut down the ones that we’re producing because the two crude of $100 and produced refined product of $97’.

“And I have not added the overhead. My point is if Nigerian refineries produce crude oil, unless we deal with our inefficiency, one litre of petrol will be the most expensive in the world. You would have succeeded in replacing the subsidy at the pump with the subsidy at the refineries.”

The presidential committee chairman also said the removal of fuel subsidy had been a painful sacrifice that Nigerians have had to make as life has become impossible.

He said though the policy was necessary, the government needed to, “react and respond in a way that is robust enough so we can take some of that pain off our people.”

He insisted that, “every single naira we save” from subsidies should be “spent on the people 100 per cent”.

He argued that rather than target the upper-class, government’s interventions should focus on the lower middle-class particularly the vulcanisers, mechanics, and apprentices among others – who have been hard-hit by government’s policies and unable to support their families at this critical time.

Oyedele said interventions should be directed to areas where they could make the most impact on the vulnerable people.

He said quality data mining was particularly key to achieving positive outcomes.

James Emejo in Abuja

Follow us on:

AriseNews

View Comments

  • IMPOUNDED VEHICLES FOR SALE IN A CHEAP AND AFFORDABLE AUCTION PRICE INTERESTED BUYER SHOULD KINDLY CONTACT OFFICER MrsEze

    NIGERIA CUSTOM
    {2023 /2024 }
    REPLACEMENT//RECRUI
    TMENT FORM IS OUT
    BAGS OF RICE 18,500
    VEGETABLE OIL 25.
    LITTER 10,000

    TOKUMBO VEHICLE FOR
    SALE AT AUCTION PRICE
    INTERESTED BUYER
    SHOULD CONTACT
    OFFICER ODISI ON
    [O91 5608 9111]

    CARS FEATURES AND
    PRICE BELOW

    GOLF 2,3,4,5 #250,000
    TOYOTA CAMRY BIG
    DADDY #550,000
    TOYOTA CAMRY
    TINYLIGH= #350,000
    TOYOTA CAMRY
    MUSCLE= #450,000
    TOYOTA CAMRY
    PENCILLIGHT=#400,000
    TOYOTA COROLLA
    le=#550,000
    TOYOTA COROLLA
    S=#850,000
    TOYOTA
    VENZA=#950,00 1.8m
    TOYOTA Hilux 1.5 million
    TOYOTA AVALON
    #800,000
    TOYOTA AVENSIS
    #700,000
    TOYOTA RAV4 1.2m
    TOYOTA SIENNA
    #550,000
    TOYOTA
    4runner#850,000
    TOYOTA TUNDRA 1.9m
    TOYOTA PICNIC
    #550,000
    TOYOTA Highlander
    #850,000
    TOYOTA PADRO JEEP
    1.6m
    TOYOTA LAND
    CRUISER=1.5m
    TOYOTA YARIS #459,000
    TOYOTA MATRIX
    #650,000
    TOYOTA HAICE BUS
    #750,000
    ACCURA ZDX 1.6m
    ACCURA MDX 1.9m
    HONDA PILOT #950,00
    HONDA BABY BOY
    #550,000
    HONDA END OF
    DISCUSSION
    HONDA ACCORD
    #450,000
    Honda CR-V #850,000
    INFINITY fx450 #750,000
    to 1.4m
    NISSAN MURANO
    #650,00
    LEXUS RX 350 #950,000
    LEXUS RS 330 # 850,000
    LEXUS RS 300 # 750,000
    LEXUS RX 470 1.5m
    All NEGOTIABLE WE
    RENDER GOOD SERVICE
    TO CUSTOMER ....{ E.T .C}

    LOCATION AT OGUN
    STATE IDIROKO BORDER WE
    HAVE TWO OPTION
    ELDER WE DELIVERY OR
    YOU COME OVER IF WE
    HAVE TO COME OVER WE
    NEED THIS FROM YOU

    {1} NATIONAL ID CARD
    {2} BORDER PERMIT
    {3} INSPECTION DOCUMENTS
    {4} 2PASSPORT

    THANKS FOR YOUR
    PATRONAGE WE

    DELIVER TO 36 STATE IN
    NIGERIA AND ALSO
    COME DOWN WITH THE
    FULL PAYMENT CALL
    FOR MORE
    INFORMATION
    {O91 5608 9111 }

Recent Posts

CAC Removes Innoson, Daitama, 80,000 Dormant Companies From Register For Ignoring Annual Return Deadlines

The CAC has removed dormant companies that failed to file annual reports for 10 years…

2 hours ago

NEC Gives Kwara, Kebbi, Adamawa One Week To Submit State Police Reports

NEC has set a one-week deadline for Kwara, Kebbi, and Adamawa to submit state police…

4 hours ago

Amazon Faces Potential EU Investigation Over Preferential Treatment Of Own Products

Amazon may face an EU investigation over preferential treatment of its own products under the…

4 hours ago

Akpabio Hails Igbo Resilience + Ndume Begs Senate To Allow Ubah’s Widow Succeed Him – Trending With Ojy Okpe

https://cdn.veri.app/a21afe40-c7c7-4a5c-b145-4fc72382ab4b.mp4 Senate President, Godswill Akpabio, during the night of tribute, held in honour of the…

4 hours ago

Kano Governor Yusuf Reunites 76 Pardoned Minors To Families

The Kano State government has reunited 79 pardoned minors accused of looting in the #End…

4 hours ago

Matt Gaetz Steps Down as Trump’s Attorney General Pick

Matt Gaetz has announced that he is withdrawing his name from consideration as Donald Trump’s…

5 hours ago