Nigeria’s President Bola Tinubu says restoring the country’s refineries is not simply about getting them to operate, but ensuring they become profitable.
He is also calling on transport operators using cheaper Compressed Natural Gas to pass the savings on to commuters.
President Tinubu was speaking during a meeting with the leadership of the Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, at the Presidential Villa in Abuja.
He defended his administration’s removal of the fuel subsidy, saying the policy has allowed the government to redirect resources towards infrastructure and other sectors of the economy.
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The President says details will be published showing how savings from the subsidy removal have been used.
He pointed to regular salary payments by the three tiers of government and investments in major road projects as some of the benefits of the reforms.
On Compressed Natural Gas, the President says government will continue encouraging its adoption as a cheaper alternative fuel.
But he expressed concern that lower fuel costs for operators were not translating quickly enough into cheaper fares for passengers.
President Tinubu also said the country’s refineries would return to operation, but stressed that restarting a facility was not enough.
He said the objective is to ensure that the refineries operate profitably and contribute value to the economy.
The President says his administration has accepted responsibility for both the assets and liabilities it inherited and will continue working to address the country’s economic challenges.
He appealed for patience with the reforms, saying he expects Nigerians eventually to see their benefits.
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(Editor:Ada Ononye)
