We’ll Revive Refineries, Demand Productivity, Profitability

We’ll Revive Refineries, Demand Productivity, Profitability – Tinubu
Says Refineries must deliver value, not just operate
Defends subsidy removal

President Bola Tinubu has assured that Nigeria’s moribund state-owned refineries will be revived, but warned that their success will be measured by productivity and profitability rather than merely restarting operations.

Contents

EDITOR’S PICK
FURTHER READING

Eko Hot Blog reports that Tinubu spoke on Thursday when he received the Executive President of the Nigeria Union of Petroleum and Natural Gas Workers, Salimon Oladiti, and other members of the union at the Presidential Villa in Abuja.

EDITOR’S PICK

Responding to concerns over the delayed revival of the refineries, the President said the facilities would return to operation as part of his administration’s ongoing economic restructuring.

“The refineries you mentioned are going to come back to work. We’re just building a very firm reset and structural reworking of the economy,” Tinubu said.

He, however, stressed that simply producing smoke and flames would not be enough to demonstrate that a refinery was functioning effectively.

“Ordinary flame and smoke of a refinery doesn’t mean it’s working, until it’s profitable and yields the value for which it is built,” he said.

The President also urged owners of vehicles and trucks operating on Compressed Natural Gas to pass the benefits of lower fuel costs on to commuters instead of retaining the savings.

“We will do more. We will encourage you, but ask your drivers to let it trickle to the commuters too, because whatever benefit that is coming from CNG is going into the pocket of truck owners,” he said.

Tinubu linked the administration’s ability to finance major infrastructure projects to the economic reforms introduced since 2023, citing the Lagos-Ibadan, Abuja-Kaduna, Abuja-Kano and Sokoto-Badagry road projects among others.

He also recalled his meeting with labour leaders at Akodo Resort in Lagos, where he said he made it clear that his administration would proceed with the removal of fuel subsidy despite the threat of industrial action.

“Tinubu Does Not Live Large,” Adedeji Says — President Bola Ahmed Tinubu

“You may strike all you want, but fuel subsidy will be gone,” he recalled telling the union.

Tinubu said he had accepted responsibility for fixing the economy regardless of the conditions inherited from previous administrations.

“I’m not a man who looks back at everything, because I’ve accepted the asset and liability of my predecessors, no matter what has happened in the years past,” he said.

“It’s my responsibility now, as President, to fix it and make it work for the largest common value of our population. I take responsibility for that, and I’m going to do it.”

The President appealed to Nigerians and organised labour to remain patient and continue supporting the government through the economic reforms, promising that the country would ultimately experience improved living conditions.

Earlier, NUPENG President Oladiti raised concerns over the alleged continued casualisation of workers in Nigeria’s upstream oil and gas sector.

He said the union had engaged some international oil companies and indigenous operators over the issue without achieving the desired results and urged the President to intervene.

Oladiti also commended the administration’s road rehabilitation programme and efforts to revive the Warri and Port Harcourt refineries through partnerships with Chinese firms.

He called for similar attention to be given to the Nigerian National Petroleum Corporation depots across the country, suggesting that they could be handed over to private investors under an equity arrangement.

The NUPENG president further urged Tinubu to prevail on state governors to comply with the Supreme Court judgment affirming the financial autonomy of local governments.