The Nigerian Senate is prioritizing the restoration of the country’s public refineries, as revealed by Senator Sumaila Kawu, Chairman of the Senate Committee on Downstream Petroleum.
The committee plans to visit all Nigerian refineries as part of its efforts to assess and address challenges in the downstream petroleum sector.
Following the visits, the Senate committee intends to engage in discussions with leaders in the sector to develop a comprehensive strategy for reviving the refineries, which are seen as crucial to alleviating the nation’s petroleum sector crisis.
Senator Kawu emphasized that restoring refinery operations could lead to reduced petrol pump prices, potentially easing economic burdens for Nigerians.
He also highlighted that refining crude oil domestically would alleviate pressure on foreign exchange rates, thereby stabilizing the economy. “This effort aligns with the broader goal of achieving self-sufficiency in petroleum refining, reducing reliance on imports, and promoting local economic growth.”
Kawu, who also heads an Ad-hoc Committee investigating the multi-trillion naira expenses on refinery maintenance since 2010, indicated that, beyond the inspections, a public hearing would be held to gather public opinion on the future of these refineries. This includes the possibility of privatizing them if deemed more beneficial for the country.
