ECONOMY: FG TO SELL OFF UNPROFITABLE REFINERIES; A PLUS OR MINUS?

NIGERIA'S MINISTER OF STATE, PETROLEUM

BREAKING:  FG TO SELL UNPROFITABLE REFINERIES

With the renewed calls for the sales of unprofitable refineries in Nigeria, stakeholders in the industry have however faulted the move by the Federal Government as such would attract more losses to the nation.

According to Engineer Morouf Adegbegbite, it has become very imperative to ask the federal government which of the refineries out of the four in the country is unprofitable to the nation.

Speaking with NAIJNEWSALERT in Abuja, Engr. Adegbegbite queried the rationale behind the plans by the government to sell off any of the four refineries as it would only further be a ploy to enrich some already corrupt few.

What is wrong if the four existing refineries are rehabilitated while new ones which would meet with international set standards are built to further increase the numbers? Adegbegbite queried.

It would be recalled that prior to the 2015 General elections, some top ranking members of the APC had touted the idea of the sale of the refineries if elected into power and with the party fully entrenched in the Presidency, that idea has once again resurfaced.

Is there more to it that Nigerians do not know?

More details later.