In a recent interview with Arise News, Adetilewa Adebajo, Chief Executive Officer of CFG Advisory, shed light on Nigeria’s perplexing refinery situation. Adebajo highlighted the country’s 25-year history of exporting petroleum products despite having four non-functional refineries. He emphasized that the Nigerian National Petroleum Corporation (NNPC) has a significant case to answer regarding this prolonged inefficiency.
Adebajo’s statement revealed alarming figures, including the staggering 27 trillion spent on subsidies and approximately 35 trillion on fuel exportation over the last 14 years. He described this situation as a “travesty,” underscoring the need for urgent attention and reform.
In his words;
“My biggest challenge is for the fact that for the last 25 years in this Country, we’ve been exporting petroleum products and we’ve four Refineries that have not been working. The NNPC has a case to answer, 25 years, you’ve not been able to fix four Refineries and to make matters worse, in the last 14 years, we’ve spent 27 trillion on subsidies and close to 35 trillion on fuel exportation. So it’s a travesty”….Seē _ Morē