Over N10trn spent on refineries, better sold off – Oyedele

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee has said that the National Assembly has spent over N10 trillion on the country’s refineries and yet they do not work. Oyedele, who stated this during the Platform Nigeria Symposium held on Monday, October 2, in Lagos, said the refineries were better sold off.  […]

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee has said that the National Assembly has spent over N10 trillion on the country’s refineries and yet they do not work.

Oyedele, who stated this during the Platform Nigeria Symposium held on Monday, October 2, in Lagos, said the refineries were better sold off. 

He said: “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.

“The national assembly said we have spent over N10 trillion maintaining our refineries even when they have not produced anything.

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“If Nigerian refineries process 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 for the refineries.”

Recall that in August, the National Assembly announced that it would probe the alleged N11.3 trillion expenditure by the Federal Government on Nigeria’s refineries’ turn-around maintenance between 2010 and 2020.

According to the House of Representatives Committee Chairman on Public Accounts, there is concern over the deplorable state of Nigeria’s refineries despite the significant amount of money spent on their maintenance over the past decade.