INSTANT NEWS

Olu Falae, former Secretary to the Government of the Federation and Minister of Finance, has called on the federal government to address the issue of Nigerian refineries by repairing them and subsequently selling the facilities to capable operators. Falae emphasized the importance of crude oil, the nation's natural resource, suggesting that it should be sold at the cost of production plus a reasonable margin. He firmly believes that resolving Nigeria's fuel-related problems, including pricing issues, largely hinges on the repair and recommissioning of the refineries, followed by their transfer to competent operators.

Falae expressed skepticism about the federal government's ability to effectively run the refineries. He proposed a solution where the government repairs and sells the refineries to entities with the expertise to manage them efficiently. According to Falae, this approach could lead to a significant improvement in the fuel situation in Nigeria.

Additionally, Falae addressed concerns about the manufacturing industry in the country, describing it as almost dead. He identified inadequate power supply as a critical factor affecting the manufacturing sector, stating that addressing power challenges is crucial for the revival of manufacturing in Nigeria. Furthermore, Falae suggested that the president does not necessarily have to hold the position of the minister of petroleum, indicating that separating these roles could be beneficial.