Over N10trn Spent On Refineries Yet They Don’t Work –  Oyedele Makes Revelation

Over N10trn Spent On Refineries Yet They Don’t Work –  Oyedele Makes Revelation

Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, revealed that Nigeria has expended over N10 trillion on maintaining its non-functional refineries.

He shared this information on Monday during an appearance at “The Platform,” a symposium hosted by The Covenant Nation in Lagos State.

Oyedele emphasized that the Nigerian refineries are inoperative, even after spending such a significant sum.

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He stated, “The National Assembly said we have spent over N10 trillion maintaining our refineries even when they have not produced anything.”

He further pointed out that if Nigerian refineries were to process crude oil without addressing inefficiencies, the cost of one liter of petrol in the country would be among the highest globally. This would essentially replace the subsidy at the pump with a subsidy for the refineries.

Oyedele advocated for Nigerians to call for the sale of the country’s refineries. He expressed, “Nigerians would say if only our refineries were working, then we will be fine. Nothing can be farther from the truth than that… In fact, Nigerians should come together and say please make sure that our refineries do not work. We should sell them.”

Regarding migration, Oyedele clarified that he’s not against it, but urged those leaving the country to wish Nigerians well. He emphasized that active efforts against one’s own country can hinder its progress.

He also highlighted the significance of patriotism and underscored that Nigeria’s development cannot be achieved by foreigners. “All the countries that were developed were developed by their people,” he concluded.

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