Privatise refineries, CSOs tell FG

Privatise refineries, CSOs tell FG
A Refinery

A consortium of 15 civil society organisations on Tuesday asked the Federal Government to privatise Nigeria’s refineries and commit to the sustainability of the no-subsidy regime by articulating it into a law.

According to the CSOs, this would help the government as it struggles to manage the economy following the negative impact of the COVID-19 pandemic on crude oil price globally.

The CSOs, which included CISLAC and BudgIT, said this in a recommendation released after their meeting.

They said, “As a matter of urgent national importance, we strongly support the call for the privatisation of the country’s four refineries in their present condition to avoid further revenue losses.”

They added, “We encourage the government to adopt favourable fiscal terms that bring about a renewed investors’ confidence.”

The CSOs enjoined the government to publicly support the declaration made by the Group Managing Director of Nigerian National Petroleum Corporation on the removal of fuel subsidy.

The said, “We entreat the government to lay out defined processes and regulatory guidelines to support the announced removal of fuel subsidy.”

They asked the government to clarify the role of the Petroleum Support Fund in the new no-subsidy regime, adding that clarity was required about how the fund was being managed.

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