The decision by the Federal Government to rehabilitate the refineries and get them back to refining operations will be the best legacy left behind by the Muhammadu Buhari administration.
Oil and Gas Expert Bala Zakka disclosed this while reacting to the decision by the Federal Government to rehabilitate the nations’ refineries as announced by the Federal Government through the Minister of State for Petroleum Resources, Chief Timipre Sylva.
Mr Zakka who described the decision as a very good one asked why Other Countries are still refining while the so called experts had sold the fact refining is a bad business to government.
He said the decision and the fact Others are still refining shows it is a great Business that should be done by countries as it is profitable.
He added that Local refining of Petroleum will ensure that Nigeria saves a lot of money from importing refined products, Insurance, Vessels use and Others.
He said the decision will ensure that the prices of Petroleum products will go down as against the gospel of deregulation which will never see a return to lower prices.
He said the loss of Foreign exchange will also stop when the Refining of Petroleum products kicks in.
On why the decision has been long in coming, he said it is better late than never and that the important thing is to start the process, ensure its completion and make it possible for Nigeria to refine locally.
He added that the process will end of ensuring that Nigeria saves Billions on a daily basis.
According to him, subsidy removal will never help Nigeria as long as the nation continues to import refined Petroleum Products for a Country of 200 Million people with a weak currency.
He added that Nigeria can no longer afford the delay that the failure to rehabilitate the refineries for over a decade now.
He said the rehabilitation of the refineries should be placed at par with the desire of Nigerians to have a free, fair and credible election this year.
He said the Federal Government should see this as a matter of National Economic survival adding that private refineries are after maximising profits and that only Government can protect the average citizen from the antics of profiteers.
