TINUBU VOWS TO REVIVE REFINERIES, CONDEMNS WASTEFUL OPERATIONS

President Bola Tinubu has reaffirmed his administration’s commitment to reviving Nigeria’s refineries, while condemning the waste and inefficiencies that have affected the country’s petroleum sector.

Tinubu said the government would continue to pursue reforms aimed at ensuring that refineries operate efficiently and contribute meaningfully to domestic fuel supply.

He stressed that public resources must be managed responsibly, particularly in strategic sectors such as oil and gas, where inefficiencies have continued to impose significant costs on the economy.

The President said Nigeria could no longer afford to maintain facilities that consume public funds without delivering the expected value.

He noted that the revival of domestic refining capacity would reduce the country’s dependence on imported petroleum products, conserve foreign exchange, and strengthen energy security.

Industry stakeholders have also called for greater transparency and accountability in refinery operations, arguing that sustainable management is essential to attracting investment into the downstream petroleum sector.

They said functional refineries would also create opportunities for local businesses, generate employment, and improve the stability of fuel supply.

Tinubu reaffirmed that his administration would continue implementing reforms designed to improve efficiency across the petroleum industry and ensure that Nigeria derives greater value from its natural resources.