N10 Trillion Spent On Refineries, But They Refuse To Work, Says Taiwo Oyedele

During the Platform Nigeria symposium held on Monday, October 2 in Lagos, Taiwo Oyedele, the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, shocked the audience with a stark revelation.

He stated that the National Assembly has poured over N10 trillion into the nation’s refineries, and yet they continue to malfunction.

In his speech, Oyedele proclaimed, “Nigerians should come together and say please make sure that our refineries do not work. We should sell them.”

This eye-opening revelation comes as the National Assembly announced a probe into the alleged N11.3 trillion spent on Nigeria’s refineries’ maintenance between 2010 and 2020.

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The House of Representatives Committee Chairman on Public Accounts expressed deep concern over the deteriorating condition of these refineries despite the colossal expenditures.

Oyedele’s argument for selling the refineries is supported by oil and gas analyst Dan D. Kunle, who argues that the government’s inefficiency within the public sector is a major obstacle. Kunle believes that entrusting the oil and gas sector to the private sector is the key to achieving efficiency, given their track record of superior performance.

With the government embarking on another round of refinery rehabilitation, slated to be completed by 2024, the question of whether these refineries can be made functional remains a pressing concern.