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“Marketers hold a differing viewpoint from Tinubu’s tax adviser regarding the sale of refineries.”

Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, has expressed the view that Nigerians should hope for the non-functioning of the country’s refineries. Speaking at The Platform’s Independence Anniversary event in Lagos, Oyedele explained that if Nigerian refineries were operational, inefficiencies in their management could result in petrol becoming the most expensive in the world.

He stated, “Nigerians would say if only our refineries were working, then we’ll 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 don’t work. We should sell them.” He also highlighted that the National Assembly reported that over N10 trillion had been spent on maintaining the refineries even though they have not produced anything.

Oyedele emphasized that without addressing inefficiencies, if Nigerian refineries processed crude oil, the cost of one litre of petrol could become the highest globally. He warned against replacing the subsidy at the pump with a subsidy for the refineries.

During his speech titled ‘Making Nigeria the springboard for Africa through sound economic policies and responsible citizenship,’ Oyedele noted the importance of having a clear national vision or Nigerian dream. He mentioned Agenda 2050, a document developed by the past administration, as a source for such a vision.

Regarding economic policies, Oyedele pointed out that even one policy mistake, like the recent naira redesign policy, could have significant consequences, emphasizing the importance of sound policy decisions.

“Sometimes it’s not just about the economy, activities, values and financial losses but about lives which are irreplaceable,” he said.

He identified industrial policy, environmental and energy policies, among eight others, as policies that could help reform the economy.

He said, “When the fuel subsidy was removed, the pump price of PMS went up by 200 per cent. Do you know what happened? Traffic in Lagos disappeared. One of the reasons it disappeared was because a lot of people could no longer maintain buying fuel to be on the road and they parked their cars.

“Do you think those are the upper-class people? No. The upper-class people will just complain briefly and they’ll pay and still move on. They drove exactly as they drove before and after the removal. The lower and middle-class people who had Tokunbo (imported) used cars – those cars break down regularly, and they visit the vulcanisers regularly and the mechanic.

“Ssince those people are parking their vehicles at home, the vulcaniser is not finding jobs to do; so is the mechanic. It’s not just the vulcaniser, the apprentices and the family they support – life has become impossible, but we all agree it’s a necessary policy. But we need to react and respond in a way that is robust enough so we can take some of those pains off our people.”

Stakeholders react

Reacting to the sale of refineries’ comments, the National Controller, Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, said it was best the country had its own refineries

“The goverRegarding the issue of Nigerian refineries, opinions differ among experts and leaders. While some advocate for making the refineries operational, others argue for their sale to the private sector.

One perspective comes from the President of the Manufacturers Association of Nigeria (MAN), Mansur Ahmed, who supports the government’s efforts to make the refineries functional. He believes that having operational refineries would ensure energy security and create more job opportunities. He emphasizes the importance of owning and controlling these assets, stating that the cost of importing petrol is currently high.

On the contrary, Wale Oyerinde, the Director-General of the Nigeria Employers Consultative Association, strongly advocates for selling the refineries. He asserts that these refineries have not been profitable for many years, and it does not make sense to continue investing money in assets that have not performed well. Oyerinde suggests a transparent sale of the refineries to private individuals or experts who can run them efficiently as businesses. He questions the sentimentality attached to keeping these non-profitable assets and argues that the government should play a regulatory role instead.

Niyi Yusuf, the Chairman of the Nigeria Economic Summit Group, aligns with the idea of privatizing underperforming assets like refineries. He highlights the private sector’s track record of efficiently managing assets and optimizing them for the benefit of all stakeholders. Yusuf emphasizes that privatization can bring in much-needed capital, technology, technical expertise, and management know-how to improve the performance of these assets and reduce their drain on public budgets. He believes that privatization is a proven model and that it’s time to explore new strategies.

The Africa Rising Continent event, attended by prominent figures like Taiwo Oyedele, also featured other keynote speakers, including the Minister of Communications, Bosun Tijani, Kenyan lawyer and activist Prof. Patrick Lumumba, and Dr. Joe Abah, among others.

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