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FocalPoint On Nigerian Ailing Refineries, A Silent Killer of the Nation's Economy

FocalPoint On Nigerian Ailing Refineries, A Silent Killer of the Nation's Economy 

By Joy Uchejim FPR


FocalPoint Reports the alarming increase in the price of Premium Motor Spirit also known as petrol which has been a slow canker worm eating away at the financial strength of the people of Nigeria. 

The further rise in global crude oil prices has pushed the daily subsidy on Premium Motor Spirit, also known as petrol, to N6.07bn.

An analysis of the current data on the petrol prices by PUNCH on Monday showed that the landing cost of petrol imported into Nigeria rose to N240.17 per litre as of June 25.

In a state with employment deficiency and high insecurity, accompanied by the deteriorating economic state of the nation, it would be assumed that the Government and its diverse stakeholders would make it their priority to stabilise and increase the price of subsidy in order to in turn, heal the crashing economy.

Petrol subsidy, which was removed in March 2020, re-emerged earlier this year as the government has left the pump price of the product unchanged since December despite the increase in global oil prices.

The Nigerian National Petroleum Corporation, which has been the sole importer of petrol into the country in recent years, has been bearing the subsidy cost since it resurfaced.

However, in an oil producing nation such as Nigeria, this ought not to have been a problem. Nevertheless, it is. This is because Nigeria has for years resorted to exporting our crude oil and importing refined oil at a higher cost. The nation surprisingly is capable of refining this crude oil and selling finished products to the people at cheaper rates, however this is all but a dream considering the dilapidated state of all the nation's refineries. The Nigerian  Government makes it a point of importance, allocating billions to nab people who dig and refine this crude oil. Meanwhile this same funding allocation can be used to resuscitate Nigeria's ailing refineries. 

FocalPoint Reports observe that Consistent funding of huge sums allocated to reviving these refineries have been going onto oblivion as the results of these allocation have not been seen. Rather the refineries remains docile and dormant facing sabotages on every side from figures who stand to gain from this.

The masses are the ones who stand to face the brunt of the stark increase in the cost of living leading to consistent poverty amongst the people. 

The Nigerian  Government should priortize revival of the nation's refinery and flush out corruption in the oil sector. 


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