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Monday, May 20, 2024

Senate urges FG to privatize moribund refineries

Senate observes that the refineries have become financial sinkholes for the government, especially concerning the cost of turnaround maintenance

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The Nigerian Senate, through its Committee on Finance, chaired by Senator Sani Musa (APC Niger East), has called for the privatization of moribund oil refineries currently owned by the Federal Government. Senator Musa made this call in Abuja during a media interaction on Saturday, addressing the nation’s future 63 years after gaining independence.

According to Senator Musa, these refineries have become financial sinkholes for the government, especially concerning the cost of turnaround maintenance. He expressed his candid advice that the federal government should proceed with the privatization of these refineries. The funds generated from such privatization, he suggests, should be redirected into the mining sector to create employment opportunities for the significant youth population in Nigeria.

In his statement, Senator Musa highlighted the importance of focusing on sectors like mining and agriculture to harness the potential of the youth, who make up 70% of Nigeria’s population. He emphasized the need to provide a conducive environment and support for innovation, drawing parallels with the successful “Not Too Young-To-Run” initiative in politics. Senator Musa believes that extending similar opportunities for innovation can help the youth contribute significantly to the nation’s development, as observed in many developed countries.

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