Fuel Hike: Tinubu Told to Immediately Take Action on Nigeria’s Prolonged Refinery Crisis
- Aviation expert Ojikutu attributes Nigeria's persistent fuel subsidy issue to institutional corruption
- Ojikutu urged the government to restore the country's four refineries, recalling that fuel was cheaper in the 1980s and 1990s
- Ojikutu cautioned the Nigerian government against over-reliance on the Lagos-located Dangote Refinery
Abuja, FCT—The Chief Executive Officer of Centurion Aviation Security and Safety Consult, Group Captain John Ojikutu, has raised concerns over the root cause of Nigeria's persistent fuel subsidy issue and addressed the country's fuel crisis.
He argued that the problem stems from institutional corruption, pointing to the failure to repair Nigeria’s four refineries.
Source: UGC
According to Ojikutu:
"Individuals with vested interests find it more profitable to import fuel in dollars rather than producing it locally in naira, fueling an ongoing crisis."
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Speaking further about the issue, Ojikutu, who made this known when he recently spoke exclusively with Legit.ng in Abuja, said:
“These same individuals were responsible for reversing the sale of two refineries to Dangote during the Yar’Adua/Jonathan administration after former President Olusegun Obasanjo had completed the sale."
He warned that these players continue manipulating the fuel market and are now negotiating with Dangote to sell fuel to the Nigerian National Petroleum Corporation (NNPC) at their rates.
More light on declining of Nigeria’s refineries
Ojikutu highlighted how fuel prices in Nigeria were significantly lower in the 1980s and early 1990s when the country’s four refineries were fully operational.
He said:
“Fuel was selling for less than ₦50 when the refineries were efficiently working."
Tinubu urged to restore moribund refineries
He urged the federal government to focus on restoring the functionality of these refineries through privatisation or concession to halt the current dependency on fuel imports.
“Get the four refineries working and stop importing fuel. Return to processing 450,000 barrels per day in the refineries and export the remaining 1.5 million barrels for sale in dollars.
"This will help pay off foreign debts and build our external reserves."
Caution over-dependence on Dangote Refinery
Ojikutu also expressed caution over the growing reliance on the Dangote Refinery, warning that its purpose extends beyond Nigeria’s fuel needs.
He said:
“Do not depend solely on the Dangote Refinery for refined products. We must prioritise getting our four refineries working to avoid returning to the same fuel dependency crisis we have experienced for decades,”
Why Tinubu govt may increase fuel to N5,000, NLC speaks
In another development, Legit.ng reported that The Nigerian Labour Congress (NLC) had warned that Nigerians could soon face an alarming fuel price increase, potentially paying as much as N5,000 per litre.
The union's Benson Upah attributed the looming crisis to the government’s failure to address underlying economic issues and fulfil promises made to labour leaders.
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Source: Legit.ng
