The Senate, through its committee on Finance, chaired by Senator Sani Musa representing Niger East and a member of the All Progressives Congress, has advocated for the privatisation of underperforming oil refineries owned by the Federal Government. Senator Musa made this recommendation in Abuja on Saturday during an interaction with journalists, outlining the need for a strategic move forward following the celebration of Nigeria’s 63rd Independence anniversary.
Expressing concern over the financial burden placed on the government due to the continual challenges of turnaround maintenance, Senator Musa emphasized that the refineries have become unsustainable for the government. He proposed that privatising these refineries could potentially mitigate financial losses and redirect the proceeds into the mining sector.
In his statement, Senator Musa asserted, “For me, my candid advice to the Federal Government on the nation’s apparently moribund oil refineries is for them to be privatised. Proceeds from such privatisation should be sunk into the mining sector for jobs creation for the teeming Nigerian youth who are roaming the streets on a daily basis.”
Highlighting the demographic significance of the youth in Nigeria, constituting 70% of the population, Senator Musa stressed the importance of fostering productivity among them. He suggested that redirecting funds from the privatisation of refineries into the mining sector could play a crucial role in creating job opportunities for the youth.
The Senator further advocated for the extension of opportunities provided by the “Not too young to run” initiative, enabling youth participation in politics, to spill over into the realm of innovation. He emphasized the need to create a conducive environment and provide support for the youth to engage in innovative activities, aligning with practices observed in most developed countries.
The Senate’s call for the privatisation of oil refineries aligns with ongoing discussions about economic reforms and diversification, aiming to enhance efficiency and promote sustainable development in Nigeria.
