Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, has revealed alarming statistics regarding the expenditures of the National Assembly on the country’s refineries. Despite investing over N10 trillion, the refineries remain non-operational.
He said this during the Platform Nigeria symposium held on Monday, October 2 in Lagos.
According to him, the refineries are better off sold.
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
“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.”