Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, has made a statement at The Platform’s Independence Anniversary event in Lagos, suggesting that Nigerians should hope that the country’s refineries do not become operational.
Oyedele expressed concerns that if Nigerian refineries were to produce petroleum, inefficiencies in their management could result in gasoline becoming the most expensive per liter in the world.
Oyedele critiques Nigerian vision
During his speech titled ‘Making Nigeria the springboard for Africa through sound economic policies and responsible citizenship,’ Oyedele addressed the lack of a clear Nigerian vision and questioned the Nigerian dream.
He also criticized the naira redesign policy of the President Muhammadu Buhari-led Federal Government, highlighting how a single policy error can have significant repercussions.
Oyedele identified several policy areas that could help reform the economy, including industrial, environmental, and energy policies.
He discussed the removal of fuel subsidies and the effects on traffic in Lagos, emphasizing the need for robust responses to mitigate the hardships faced by the lower and middle-class population.
Regarding the sale of refineries, the National Controller of the Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, supported the idea of having the country’s own refineries for energy security and job creation.
However, Director-General of the Nigeria Employers Consultative Association, Wale Oyerinde, advocated for transparently selling the refineries to private individuals or experts who can run them efficiently.
Chairman of the Nigeria Economic Summit Group, Niyi Yusuf, also suggested that underperforming assets like refineries should be privatized to allow the private sector to optimize their operations.
The Africa Rising Continent event included other keynote speakers, including the Minister of Communications, Bosun Tijani, Kenyan lawyer and activist, Prof. Patrick Lumumba, and Dr. Joe Abah, among others.