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Fix refineries from oil windfalls, Sen Adeyemi urges FG

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Fix refineries from oil windfalls, Sen Adeyemi urges FG

*Makes case for Ajaokuta Steel Complex too

Chairman, Senate Committee on Aviation, Senator Smart Adeyemi, has urged the federal government to use the current gains being made from crude oil sales at the international market which is above $100 to fix the comatose oil refineries or build new ones in the country.

Speaking to journalists during an interactive session yesterday in Abuja, the lawmaker said proceeds from the oil windfall arising from the ongoing invasion of Ukraine by Russia should be channeled into re-fixing of the nation’s comatose refineries or outright building of new ones.

“To me, it is inexplicable and shameful for a nation that is producing crude oil in large volumes on daily basis to be importing refined ones.

“It is like somebody who has a functional borehole in his or her compound, and yet buying water from other sources.

“Serious bleeding the shameful arrangement is causing the nation’s economy must be stopped.

“Refineries must be made functional or new ones put in place to prevent huge capital flight bleeding the nation’s economy from refined oil importation,” he stressed.

Fix refineries from oil windfalls, Sen Adeyemi urges FG

Adeyemi, who represents Kogi West Senatorial District in the National Assembly, also called on the federal government to fast track the completion of Ajaokuta Steel Complex project which he described as a catalyst for full industrialization of the nation’s economy.

He lamented that the abandoned project which has the potential of providing gainful employment to over 50,000 Nigerian youth should be resuscitated if full fledged industrialisation is to be achieved for the country.

“It’s saddening that a potential game changer for the nation’s monolithic economy which started in 1980s, is still at the stage of abandonment.

“If the federal government is not ready to see to its completion and functionality, it should be handed over to Kogi State which I believe will do the needful the way the Kaduna State Government built an iron ore firm recently with potential for thousands of jobs creation for the youth and quantum wealth generation for the state.

“The President Muhammadu Buhari-led government is no doubt, trying, as far as building of infrastructures are concerned but such legacies without completion of Ajaokuta and provision of functions refineries; will not make much impacts economically,” the lawmaker further stressed.

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