VP Yemi Osinbajo says govt has no business running refinery

VP Yemi Osinbajo says govt has no business running refinery

- Yemi Osinbajo has stated that the government does not have a business in the running of oil refineries

- The vice president, rather, submitted that private sectors should be allowed to take over the control of the refineries

- According to him, this will solve the problems facing the government-owned oil refineries in Nigeria

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Yemi Osinbajo, vice president of Nigeria, has stated that the goverment has no business in running the refineries in the country.

The vice president made this known on Monday, September 21, during a virtual interaction with All Progressives Congress (APC) social media bloggers and influencers.

According to him, the running of the refineries can only be handled by private sectors and investors, adding that the problems with the government-owned oil refining machines will continue if private individuals do not take control.

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VP Yemi Osinbajo says govt has no business running refinery
Yemi Osinbajo has stated that the government does not have a business in the running of oil refineries. Credit: The Nation.
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Osinbajo further stated that the government will ensure policy that will create a comfortable environment for private bodies to take over the refineries.

The vice president, who lamented the global oil crisis, posited that the federal government will always encourage private refineries.

If the refinery is left in the hands of the government, it will continue to experience the same problem it is experiencing now. I do not think that it is the business of government to run the refinery. It should be the business of the private sector, which is why we are trying to focus on assisting the private sector to develop modular refineries.
“There is a 100,000 barrel capacity refinery about to come on stream and we hope it will by the next year. It is completely private and closely located near the Port Harcourt Refinery so that it can share the facilities of the Port Harcourt Refinery. We are hopeful it will come on stream in the first quarter of next year," Osinbajo said.

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Meanwhile, Laolu Akande, special adviser to the vice president, on Wednesday, September 16, submitted that the hike in the electricity tariff is in the interest of the country.

Speaking on Channels TV's Sun Rise Daily, Akande noted that the fury and outrage that trailed the hike in electricity tariff by Nigerians are defensible.

He, however, noted that the "superior logic" behind the development will eventually let Nigerians know that the country is being run on "transparency, honesty and commitment."

Akande said the federal government following the outcry gave a hint of hope that things will be back on the right track.

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