Senate Advises Federal Government To Privatize Dormant Refineries

The Senate Committee on Finance has recommended the sale of government-owned dormant oil refineries, characterizing them as “endless drains” despite repeated maintenance efforts.

Sani Musa, the committee’s chairman, stated on Saturday that the proceeds from the sale could be channeled into the mining sector to generate employment opportunities for Nigerian youth.

Musa suggested, “In my opinion, my sincere advice to the Federal Government regarding the seemingly dormant oil refineries in the nation is to privatize them.”

He stressed that by revitalizing the mining and agricultural sectors, the country could empower its youth, who constitute 70 percent of the population.

He also urged for the extension of opportunities like the “Not Too Young to Run” initiative to enable youth to innovate in a conducive environment, akin to what is seen in most developed countries.

These remarks align with previous calls for refinery privatization by individuals such as Taiwo Oyedele, chairman of the presidential committee on fiscal policy and tax reforms; Clement Isong, CEO of the Major Oil Marketers Association of Nigeria (MOMAN); and Muda Yusuf, founder of the Centre for the Promotion of Private Enterprise (CPPE).

Oyedele noted that despite an estimated N10 trillion investment in refinery rehabilitation by the federal government, they have not contributed positively to the Nigerian economy