There are indications that the Federal Government has commenced with plans to privatize the ownership of our crude oil refineries.
Vice President Yemi Osinbajo made this known, saying that the government has no business running the country’s refineries.
The vice president stated this on Monday, September 21, during a virtual interaction with All Progressives Congress (APC) social media bloggers and influencers.
According to him, the running of the refineries can only be handled by the private sector and investors, adding that the problems with the government-owned oil refining machines will continue if private individuals do not take control.
Osibanjo further stated that the government will ensure policies that will create a comfortable environment for private bodies to take over the refineries. The vice president, who lamented the global oil crisis global, posited that the federal government will always encourage private refineries.
“If the refinery is left in the hands of the government, it will continue to experience the same problems that it is experiencing now. I do not think that it is the business of government to run the refineries. It should be the business of the private sector, which is why we are trying to focus on assisting the private sector to develop modular refineries.”