FG Should Repair, Sell Refineries To Those Who Can Run Them – Falae

FG Should Repair, Sell Refineries To Those Who Can Run Them – Falae

“My belief is that Nigeria’s problem with fuel and its price will be substantially resolved when we are able to repair and recommission our refineries and sell to companies that know how to run refineries,” the elder statesman said on Channels Television’s Politics Today. 

“We should not try to run them ourselves because if we try to do so, politics will intervene and we will mismanage them. I am sorry to say this,” he said.

Nigeria had been engaging in the practice of exchanging crude worth billions of dollars for subsidized gasoline in the domestic market. This practice significantly drained foreign exchange reserves, especially during a period of declining oil revenue due to the impact of the coronavirus pandemic and the Russia-Ukraine war.

However, upon assuming office, President Bola Tinubu announced the cessation of the subsidy regime, resulting in a threefold increase in the commodity’s price.

To effectively handle the situation, Falae, the Oluabo of Ilu-Abo in Ondo State, asserts that selling the refineries, a contentious issue in the country, is the appropriate solution.

“So, we repair them and sell them to those who can manage refineries. And then, they will use those refineries to refine Nigerian crude oil and sell them to those us here in Nigeria. That reduces the influence of the dollar exchange rate substantially,” Falae argued.

“I am almost certain that the day we do that, the price of fuel will come down almost substantially. I have no doubt that.”

He also believes Nigerians should not be buying crude oil at the international market price.

“My position is that crude oil is a natural endowment of Nigeria. God himself has given it to us to help us to stimulate development,” the monarch said on the current affairs show.  “So, we should consume it at the cost of production plus a reasonable profit margin for the producers; not at the international market price.”

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