Senator Adeyemi urges FG to fix refineries from oil windfalls

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3 years ago

Senator Smart Adeyemi

Senator Smart Adeyemi (APC Kogi West) has again called on the Federal Government to fast track the completion of the Ajaokuta Steel Project which is a catalyst for full industrialisation of the nation’s economy.

Adeyemi who made the call on Wednesday at an interactive session with journalists covering the Senate on way out of the dwindling fortunes of the nation’s economy also urged the federal government to use the current gains being made from Crude oil sales at the International market which is above $100 now, to fix the comatose oil refineries or build new ones.

Proceeds from the oil windfall arising from the ongoing Russia/Ukraine war, he added, should be channelled into refixing of the nation’s comatose refineries or outright building of new ones.

“To me, it is inexplicable and shameful for a nation that is producing crude oil in large volumes on daily basis to be importing refined ones.

“It is like somebody who has a functional borehole in his or her compound and yet buys water from other sources.

“Serious bleeding the shameful arrangement is causing the nation’s economy must be stopped.

“Refineries must be made functional or new ones put in place to prevent huge capital flight bleeding the Nation’s economy from refined oil importation,” he said.

He lamented further that the abandoned Ajaokuta Steel Complex which has the potential of providing gainful employment to over 50,000 Nigerian youth should be resuscitated if full-fledged industrialisation is to be achieved for the country.

“Is saddening that a potential game-changer for the Nation’s monolithic economy which started in the 1980s, is still at the stage of abandonment.

“If the Federal Government is not ready to see to its completion and functionality, it should be handed over to Kogi State which I believe will do the needful the way the Kaduna State Government built an iron ore firm recently with potential for thousands of jobs creation for the youth and quantum wealth generation for the State.

“The President Muhammadu Buhari-led government is no doubt, trying, as far as the building of infrastructures is concerned but such legacies without completion of Ajaokuta and provision of functions refineries; will not make many impacts economically.”

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