Analyst Advises Tinubu on How to Deal With IOCs Not Selling Crude to Dangote Refinery
- An analyst has urged president Bola Tinubu to consider imposing a state of emergency regarding the country’s crude oil production
- A public affairs analyst said this while discussing the country's persistent concerns with the Dangote refinery and the shortage of crude oil
- This came after Dangote accused the IOCs of deliberately and wilfully frustrating the refinery’s efforts to purchase crude oil by inflating prime price
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
Given the ongoing situation surrounding Nigeria's crude oil production, President Bola Tinubu has been encouraged to think about imposing a state of emergency.
Source: UGC
Comrade Debo Adeniran, a current affairs analyst, made this appeal at a press conference about the state of the country.
This occurred amid ongoing concerns about the Dangote refinery and the nation's crude shortfall.
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He said,
“As concerns mount over the lack of domestic crude oil to the Dangote Petroleum Refinery we would like the Nigeria National Petroleum Company Limited (NNPC Ltd) to inform Nigerians on what is really happening.
“If the refinery is finding it difficult to access domestic crude oil that we have in abundance and have to rely on importation from foreign countries then what exactly is happening in our oil and gas sector.”
President Adeniran, who also serves as the head of the Committee for the Defense of Human Rights (CDHR) and the Center for Anti-Corruption and Open Leadership (CACOL), urged President Tinubu to reinstate fuel subsidies, according to New Telegraph report.
FG ought to implement measures
On the other hand, he stated that the federal government ought to implement measures to prevent corruption in the management of subsidies.
He said,
“Talking about fuel subsidy removal, we are saying that those who obtained subsidy and did not import fuel or perpetrated fraud with the fuel subsidy regime are those who engage in economic and financial crimes. The obtained money without delivering.
The obtained money under false pretenses. They took money that they will import fuel but did not import.
“We should not pay for the inefficiency of those in government. It is the government that should be more vigilant and should have its agencies in the countries where importation should come from. We have embassies in some of these countries where fuel is imported, they should check against corruption in fuel subsidy administration.
The Nigerian National Petroleum Company Limited (NNPC Ltd) has declared a state of emergency on crude oil production.
Speaking at the ongoing 2024 Nigeria Oil and Gas (NOG) Energy Week in Abuja on Tuesday, June 2, NNPC Ltd's group chief executive officer, Mele Kyari, declared a decisive move to address forces and challenges hindering crude oil production in the country.
Dangote Accuses International Oil Firms in Nigeria
Legit.ng reported that Devakumar Edwin, vice president of oil and gas at Dangote Industries Limited (DIL), has charged that international oil corporations (IOCs) in Nigeria are attempting to obstruct Dangote Refinery and Petrochemicals' ability to survive.
He said that by raising the prime price above the market price, the IOCs knowingly and willfully thwart the refinery's attempts to buy crude oil, forcing it to import petroleum from other nations, such the US.
Speaking to a group of Energy Editors during a one-day training session hosted by the Dangote Group, Edwin stated that the refinery has exported roughly 90% of the 3.5 billion liters of petroleum products it has produced since it started operating. He then requested that the Nigerian government give the refinery the support it needs in order to generate jobs for Nigerians.
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Source: Legit.ng
