President Bola Tinubu has assured Nigerians that the country’s government-owned refineries will return to operation after a major restructuring of their operations and finances.
Tinubu gave the assurance Thursday in Abuja while receiving the newly elected leadership of the Nigeria Union of Petroleum and Natural Gas Workers, led by its National President, Salimon Akanni Oladiti.
The president said the Port Harcourt, Warri and Kaduna refineries would not be allowed to waste away after years of government investment.
“The refineries you mentioned are going to come back to work.
"We are just building a very firm reset and structural reworking of the economics of it,” Tinubu said.
He said simply getting a refinery to operate would not be enough unless it could make money and provide value to Nigerians.
“Ordinary flame and smoke of a refinery doesn’t mean that it is working until it is profitable and yields the value for which it was built,” he said.
Tinubu also said his administration would expand the Compressed Natural Gas initiative but expressed concern that commuters were not receiving enough of the savings from cheaper fuel.
“Whatever benefit that is coming from CNG is going into the pocket of truck owners,” he said.
“It’s not spreading as fast as I would like it, but it should spread.”
He urged transport operators to pass lower operating costs to passengers through reduced fares.
The president said his government had accepted responsibility for the challenges facing the refineries and would use research, technical assessments, restructuring and better management to restore them.
Tinubu also praised NUPENG for its cooperation with his administration and promised that the current economic difficulties would eventually ease.
“I promise you, you will enjoy a better Nigeria,” he told the union leaders.
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